TITLE

N.Y. Deficit: Silver Says No Tobacco

AUTHOR(S)
McKaig, Ryan
PUB. DATE
March 2003
SOURCE
Bond Buyer;3/19/2003, Vol. 343 Issue 31596, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
U.S. Assembly Speaker Sheldon Silver and two other Democrats on March 17 have introduced a bill that would allow the state to borrow up to 3.5 billion dollars to help close a two-year budget deficit by fiscal 2004 that is expected to total 11.5 billion dollars. The measure, which calls for selling deficit bonds backed by the state's personal income tax receipts, was crafted as an alternative to Republican Gov.If adopted, the measure would build on a program the state adopted last year to replace its traditional appropriation-backed bonds with bonds backed by 25% of personal income tax receipts.Rating analysts have said that whatever type of deficit borrowing state leaders ultimately decide on will reveal a structural weakness in the state's finances, which could possibly lead to a downgrade of its credit, which is rated A2 by Moody's Investors Services Corp. and AA by Fitch Ratings Inc. and Standard & Poor's Corp.
ACCESSION #
9387890

 

Related Articles

  • Rep. Hart's Bill Would Allow Qualified Private-Activity Bonds for Cleanup. Barnett, Susanna Duff // Bond Buyer;3/17/2004, Vol. 347 Issue 31843, p5 

    Focuses on the legislative bill introduced by Representative Melissa Hart allowing the use of qualified private-activity bonds to finance environmental cleanup at brownfield sites in Pennsylvania. Significant provisions of the bill; Benefits of the legislation; Difference of the new category...

  • Matching fund mismatches.  // Crain's New York Business;8/11/2003, Vol. 19 Issue 32, p30 

    Presents news items related to New York region, as of August 11, 2003. Amount received by various city council members of the region, as part of distribution of public matching funds by the City Campaign Finance Board; Rise in consumer confidence index of U.S. Republicans in the region;...

  • This first cut is not the deepest.  // Westchester County Business Journal;3/16/2009, Vol. 48 Issue 11, p4 

    The article focuses on the move of Senate Majority Leader Malcolm Smith and Assembly Speaker Sheldon Silver to remove $1.3 billion in proposed tax increases in the U.S. The elimination of proposed tax increases were put forward as a last option when the deficit expanded to an unprecedented...

  • Business groups applaud tax cap plan. Jordan, John // Westchester County Business Journal;5/30/2011, Vol. 47 Issue 22, p2 

    The article reports on the positive response of business groups to the proposed 2% property tax cap bill by Assembly Speaker Sheldon Silver in New York. Dean Skelos, Senate Majority Leader, states that the enactment of the property tax cap is vital for the families in the state who are...

  • DEFEATED. Barker, Cyril Josh // New York Amsterdam News;4/10/2008, Vol. 99 Issue 16, p1 

    The article reports that there is no support given to the congestion pricing bill of Mayor Michael Bloomberg in Albany, New York. Assembly Speaker Sheldon Silver said that no support was given by the assembly majority conference to the bill due to its expected impact on low income households....

  • Sens. Corzine, Smith Introduce Bill Allowing an Extra Advance Refunding. Duff, Susanna // Bond Buyer;1/31/2003, Vol. 343 Issue 31564, p6 

    Reports on the introduction of legislation by the U.S. Senators Jon Corzine and Gordon Smith to allow state and local governments for the additional advance refunding. Opportunity for government to take advantage of low interest rate; Advantages of the legislation to issuers and dealers;...

  • Expected education bill compromise loses plan for private-activity bonds. Resnick, Amy B. // Bond Buyer;06/09/98, Vol. 324 Issue 30410, p1 

    Reports that the plan in the US Congress to include private-activity bonds in the compromise education savings-account legislation has been withdrawn. Threat from President Bill Clinton to veto the bill due to some underlying education provisions; Potential benefits of the inclusion of...

  • Referendum Could Lead to First Alaskan GO Debt in Decades. Finestone, Deborah // Bond Buyer;7/9/2002, Vol. 341 Issue 31423, p3 

    Reports the approval of bond bills by governor Tony Knowles in Alaska. Allocation of budget for transportation and education; Commitment of the state to construction and repairs; Increase of taxation rate.

  • Pol cools his Jets on stadium. Dempsey, John // Daily Variety;6/7/2005, Vol. 287 Issue 47, p1 

    Reports on the rejection of the proposed stadium for the New York Jets football team and the fading hope of New York City that it will get the approval as host city for the 2012 Olympics. Amount spent by Cablevision chairman Chuck Dolan on an advertising campaign for the arena; Veto exercised by...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

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

Try another library?
Sign out of this library

Other Topics