Word: bondses
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The agency aims to promote business growth in the city by providing tax-exempt bonds for Cambridge's industries.
The authority will issue tax-free bonds for "the retention and expansion of Cambridge's businesses; the creation of jobs for Cambridge residents; and the stabilization of the city's tax base," according to the proposal submitted by City Manager Robert W. Healy.
Before its deactivation in 1986, the agency could only approve industrial projects, not issue bonds. From 1978 to 1986, it approved 50 projects worth over $100 million and created over 3800 jobs, according to Healy.
The issued bonds will not be taxable, but companies receiving bonds will have to pay interest at a reduced rate on any loan they receive.
Psst. Need to launder some dirty money? No problem. Pakistan's central bank placed some eyebrow-raising advertisements in the Wall Street Journal last week, offering to sell Pakistani government-backed bonds to anyone with cash. "No questions asked about the source of funds," says the ad. "No identity to...