No Notes Is Good News

Whalen, Robert
February 2005
Bond Buyer;2/28/2005, Vol. 351 Issue 32079, p41
Trade Publication
The article informs that New York City Comptroller William C. Thompson Jr. announced last week that an ample amount of cash on hand will allow the city to likely forego selling short-term notes this fiscal year for the first time since the city's fiscal crisis in the 1970s. The city had an average daily cash balance of $2.99 billion during the second quarter of fiscal 2005, which ended December 31, according to a Thompson Financial report. That figure is about $ 170 million more than the $1.82 billion daily cash balance during the same period in fiscal 2004, which had the benefit of a $ 1.5 billion note sale in October 2003, the report said.


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