TITLE

Deficit Bonds

AUTHOR(S)
McDonald, Michael
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p29
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Stony Point, New York, last Thursday sold 51.15 million of deficit financing bonds. Roosevelt & Cross Inc. was senior manager and Public Finance Associates was the financial adviser. According to a Moody's Investors Service Inc. report, the bonds were sold to take out a $1.1 million accumulated deficit in the town's budget, which Moody's said was the result of a significant financial deterioration arising from multiple years of misbudgeting and weak internal controls.
ACCESSION #
15445479

 

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