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11-14-2011, 02:12 PM #1
N.Y. state borrowing ability shrinks to $726 million
N.Y. state borrowing ability shrinks to $726 million
By Joan Gralla | Reuters – 25 mins ago...
Tue, Oct 18, 2011
NEW YORK (Reuters) - New York state's ability to borrow under its outstanding debt cap will shrink to $726 million in fiscal 2014 from $3 billion in the current fiscal year, the state Budget Division said on Monday.
In 2000, the state enacted a law that limits selling state-supported debt to capital purposes, with a maximum term of 30 years. Further, the amount of new state-supported debt is restricted to 4 percent of personal income and debt service costs are limited to 5 percent of all funds receipts. The last two limits are being phased in.
"Measures addressing capital spending priorities, debt financing practices, and the inherent volatility of personal income as a basis for long-term planning may be considered in order to stay within the statutory limitations," the budget division said.
http://news.yahoo.com/ny-state-borrowin ... 51785.htmlNO AMNESTY
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