Word: bonding
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Cost considerations are giving some localities pause. Last summer Houston voters resoundingly rejected a $2.35 billion bond issue for mass transit, despite the fact that it would have meant no new taxes for the first leg. As a result, the city lost all but $5.5 million of the $110 million in federal aid it had been allocated from the gas-tax fund, and its proposed 18-mile heavy-rail system appears to be on permanent hold. "It's a humbling experience to take a licking like we did," admits Alan Kiepper, general manager of Houston's Metropolitan Transit...
...large part of their financial security. From a computer-filled command post on the twelfth floor of the Federal Reserve Bank building in Boston, LeBaron manages more than $10 billion of other people's money. Every day, LeBaron and his competitors make stock and bond transactions that can earn, or lose, millions of dollars for their clients. Their decisions can shake markets and send the prices of individual stocks into orbits or nosedives. For their skill and nerve, they receive salaries that sometimes run well into seven figures. LeBaron belongs to an elite corps of independent investment managers entrusted...
When children reached into Christmas stockings and ripped open presents last week, thousands of youngsters probably found a thin, crisp gift that represented an investment in their future: a U.S. savings bond. After a four-year slide in popularity, Uncle Sam's bonds are staging a comeback. The Treasury Department reports that sales of the notes totaled $3.9 billion during the past twelve months, up 20% from the previous year...
...surge stems from the Government's decision in November 1982 to offer variable rates of interest on savings bonds. When bond sales slumped in the early 1980s, they carried fixed interest rates as low as 7% at a time when inflation was nearly twice that level. Now the interest on the bonds is adjusted every six months to reflect market rates. The new bonds, which pay 85% of the average return on five-year Treasury securities, currently offer interest of 9.38%. Says Treasury Secretary Donald Regan: "The product is well designed and competitive...
Last year's peppier bond sales still ran far below the $7.8 billion pace of 1978. Nonetheless, Treasury officials are convinced that the savings bond is on its way back to being a blue-chip investment and a superb stocking stuffer...