Word: bonde
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Dates: during 1970-1979
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...legislature gave the U.D.C. broad and controversial powers, such as the right to initiate projects over the objections of local communities and the authority to raise up to $2 billion by selling tax-exempt bonds. Rather than seek approval for the U.D.C. 's financing from a testy electorate, Rockefeller seized on a financing expedient developed in the early 1960s by a successful Wall Street bond lawyer named John N. Mitchell...
Last week the unthinkable happened: the U.D.C. found itself unable to pay off $104. 5 million in one-year bond-anticipation notes. It was one of the big gest defaults by a public agency since the 1930s, and it posed a severe test of the value of the so-called moral-obligation bonds that the U.D.C. and other agencies have issued in recent years. The default posed the possibility that the agency could be besieged by a rush of lawsuits filed by creditors demanding immediate payment of its entire $1.1 billion in out standing bonded debt. Conceivably, such a siege...
...Around this time, many institutional buyers began to worry about the U.D.C. 's heavy borrowing. They prefer to limit their investment to 10% of any particular security and also seek geographical diversity; the U.D.C. and New York City together have accounted for about 30% of all tax-exempt bonds sold in the U.S. over the past few years. As money grew tight, investors began to look more closely ' at the U.D.C. 's unconventional moral-obligation bonds, which are tied not to specific projects but to the highly uncertain fortunes of the agency as a whole. Meanwhile...
...U.D.C. episode will cast a pall over the municipal bond market. The doubts raised by the U.D.C. crunch could have especially grave repercussions for the more than $6.3 billion of outstanding moral-obligation bonds is sued by similar public agencies in 30 states. Following the default, U.D.C. bond prices fell rapidly; some bonds sold for half their face value, and by week's end most other outstanding issues had fallen by more than $100 per $1,000 bond...
...Kill Unlimited, which has twelve operatives, has been in business for a year, and claims a face count of 178. Pie-Kill's manifesto, composed by Founder Rex Weiner, a pastry-faced 24-year-old, reads as if it had been collectively written by P.O. Wodehouse, James Bond and the Three Stooges. "Our high duty," it announces, "is to 1) stamp out pomposity; 2) uphold the virtues of surprise, randomness and chaos; 3) wreak lighthearted havoc whenever and wherever possible; and 4) get away with...