A Lot Hangs on Debt Cap

McDonald, Michael
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p1
Trade Publication
Already facing severe budget problem, New York city may have to spend 5 million dollars to 10 million dollars in increased debt service costs annually unless it can convince the state government to remove the debt constraints on the city's Transitional Finance Authority (TFA). According to the proposed executive budget released by Mayor Michael R. Bloomberg, New York City still plans to sell 1.4 billion dollars in bonds through the Tobacco Settlement Asset Securitization Corp., including 715 million dollars in fiscal 2004. In the budget, the city plans to sell 4.7 billion dollars in General Obligation (GO) in 2004 and 2005 as part of 10.7 billion dollars in total issuance. If the tobacco market fails to come back, and if the TFA proposal fails, it would instead have to sell a total of 6.1 billion dollars of the higher-cost GO debt.


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