Pataki Veto Looms Large

McDonald, Michael
May 2003
Bond Buyer;5/8/2003, Vol. 344 Issue 31631, p1
Trade Publication
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 to questions regarding separate legislation designed to help bail New York City out by increasing aid and authorizing city tax hikes, Pataki singled out one particular measure for skepticism � a plan to refinance 2.5 billion dollars in Municipal Assistance Corp. (MAC) debt. Under a plan passed by the Legislature, the remaining 2.5 billion dollars in MAC debt, which was set to be retired in fiscal 2008, would be refinanced using 170 million dollars in annual state sales tax revenues pledged through 2034.


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