2004 Could Bring Pension Bonds To N.Y. Localities, Barring a Veto

McDonald, Michael
May 2003
Bond Buyer;5/13/2003, Vol. 344 Issue 31634, p1
Trade Publication
Facing a sharp increase in projected annual contributions to the fund controlled by state Comptroller Alan G. Hevesi, local governments in New York may be given a one-year window in 2004 to sell pension obligation bonds to cover some of their employee pension costs. The governments would pay 4.5 percent in 2003, which would become the minimum annual contribution going forward if Governor George E. Pataki signs the legislation. The payments are due December 15 of every year. In contrast, local governments and the state paid around one percent of payroll.


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