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12-10-2009, 12:43 AM #1
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Coming Collapse of Municipal Bonds; States, Cities Dig Deepe
Tuesday, December 08, 2009
Coming Collapse of Municipal Bonds; States, Cities Dig Deeper Holes
In New Jersey, governor-elect Christie opposes (and rightfully so), the state going deeper in debt but that is not stopping the current administration of Jon Corzine.
Please consider N.J. to Borrow $200 Million Amid Incoming Governor’s Opposition. http://www.bloomberg.com/apps/news?pid= ... SSNfGlXQa4
New Jersey, the third-most indebted U.S. state, will sell more than $200 million in bonds today to finance voter-approved capital projects a week after Governor- elect Christopher Christie said he opposed borrowing more money.
The state will issue $209.1 million of bonds, including $205 million of tax-exempt securities, the largest such competitively bid offering in the market today, according to Bloomberg data. Christie, a Republican who defeated Democratic incumbent Jon Corzine last month, said he opposed new bond sales after the state last week detailed $2.7 billion in borrowing it plans for the remainder of the fiscal year, which ends in June.
The state’s bond sale today will finance clean water and open-space preservation projects, according to a preliminary official statement. The state is also planning to sell $1.4 billion of bonds for transportation and $1.1 billion for school construction before June 30, according to a Nov. 30 report.
Christie, 47, a former U.S. attorney, told Bloomberg News last week that New Jersey “can’t have any more debtâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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