N.Y.C. Refuses Pataki's Offer to Work to Change MAC Plan

Braun, Martin Z.
August 2003
Bond Buyer;8/01/2003, Vol. 345 Issue 31690, p4
Trade Publication
Reports that the New York City in New York State has refused the offer made by New York State governor George E. Pataki to work to change the controversial state legislation plan to refinance New York City's 2.5 billion outstanding debt of the financial board, Municipal Assistance Corp., as of August 1, 2003. Plan of New York City to sell the refunding debt through the local development company, Sales Tax Refinancing Corp.; Use of $170 million in annual payments from the state's financial board, Local Government Assistance Corp., by the New York City to back the refunding bonds.


Related Articles

  • N.Y. Democrats' Debt Reform Amendment May Not Go Anywhere. McKaig, Ryan // Bond Buyer;03/09/2001, Vol. 335 Issue 31093, p3 

    Reports on the New York Democrats' debt reform amendment. Proposal of Republican Governor George E. Pataki; Obligation of the state to make payments; Limitation of outstanding debt.

  • Pataki Veto Looms Large. McDonald, Michael // Bond Buyer;5/8/2003, Vol. 344 Issue 31631, p1 

    The New York Governor George E. Pataki has been intentionally vague concerning possible targets, instead focusing on a larger message that the costs of the state Legislature's 92.8 billion dollar budget are in fact underestimated while proposed tax hikes are simply wrong. However, in responding...

  • N.Y. Budget Lag May Stall MAC Deal. McDonald, Michael // Bond Buyer;6/10/2004, Vol. 348 Issue 31902, p1 

    Reports on the refusal of New York Governor George E. Pataki to commit to appropriating the state sales tax revenue needed for debt service on the refinancing of the bond of New York City. Impact of the decision of the governor on the sales of the bond; Inability of the city to announce a...

  • MAC Deal Revamped Due to Feud. Braun, Martin Z. // Bond Buyer;8/12/2003, Vol. 345 Issue 31697, p1 

    Reports that New York City has restructured a controversial refinancing deal for the city's Municipal Assistance Corp.'s (MAC) debt, in order to remove investors' concern about a legal battle between Mayor Michael Bloomberg and Governor George Pataki as of August 12, 2003. Strategies chalked...

  • Gov. Pataki: Use revenue windfall to allay New York's debt burden. Kruger, Daniel // Bond Buyer;03/15/2000, Vol. 331 Issue 30849, p32 

    Reports on New York Governor George E. Pataki's proposal calling for the use of the state's higher-than-expected revenues to help reduce debt burden until fiscal year 2002. Proposed increase in the funding for the state's Debt Reduction Reserve Fund; Promotion of debt reform in the state.

  • Nassau Gets a Safety Net. Kruger, Daniel // Bond Buyer;05/10/2000, Vol. 332 Issue 30888, p1 

    Reports on New York Governor George Pataki's plan to restructure Nassau County, New York's 220 million dollars debt. Reissuance of the bonds through a temporary oversight board; Details of the payment plan.

  • Gov. Pataki Nixes N.Y. Legislature's Relief Plan, Offers Own. McDonald, Michael // Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p29 

    New York governor George E. Pataki has rejected the state Legislature's proposal for a 1.797 billion dollar fiscal 2004 assistance package for the New York City and unveiled his own 1.765 billion dollar plan. In addition to rejecting tax increases, Pataki's plan also rejects the Legislature's...

  • New York Budget Battle Rages On, Endangering State in Bond Market. McDonald, Michael // Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p1 

    New York governor George E. Pataki lost the budget battle with the state Legislature in May 2003, but the war in Albany, New York continues, threatening to do further damage to the state's image in the bond market, which has already suffered. In new Department of Budget documents, Pataki said he...

  • Pataki Likely to Veto Parts of New York's $101.3B Budget. McDonald, Michael // Bond Buyer;8/13/2004, Vol. 349 Issue 31947, p3 

    Reports on the plan of New York Governor George Pataki to veto parts of the fiscal 2005 budget completed by the state Senate. Inclusion of an increase in capital spending for the state; Authorization for New York City to proceed with a debt restructuring; Concern of the Pataki on the impact of...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics