It's Last Call in Albany

McDonald, Michael
June 2003
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p1
Trade Publication
On June 19, 2003 all eyes are on Albany, New York as the New York Legislature recesses at midnight until January, barring any unexpected extensions or special sessions. Before it does call it quits, the Legislature and Governor George E. Pataki are expected to hammer out a number of last-minute deals, including some that could have implications for the municipal bond market. One deal that seems certain is the creation of the Buffalo Fiscal Stability Authority. Like the fiscal monitors that have been used for Nassau County and other localities, the independent state agency would try to help revive the city's finances, which face a projected deficit of $127 million in 2006, including the school district. Under a tentative plan worked out between the governor and legislative leaders, the authority could sell bonds for the triple-B rated city, set revenue estimates for city budgeting, require a four-year financial plan, and press for certain changes, such as merging city operations. While rent control in New York City and proposals to beef up lobbying regulations have attracted most of the attention in Albany, communities like Buffalo have been watching and working on their own special legislation.


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