Word: bondses
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The plight of New York could give cities a bad name. To avoid that kind of guilt by association, the justly proud city of Wichita has launched a hard-to-crash National Alliance of Financially Responsible Local Governments. Membership standards require that a city actually collect money before it is...
The most controversial feature of the program-a debt moratorium-was passed by the legislature. Private holders of $1.6 billion in short-term city securities will be asked to exchange them for long-term bonds issued by the Municipal Assistance Corp.; the bonds will pay 8% to 9% interest and...
The other part of the rescue package involves further loans from city and state banks and retirement funds. Banks are asked to roll over $500 million in city notes, and city pension funds would renew a similar amount. The pension funds would also buy another $2.5 billion in city securities...
Members of the present Cabinet, the seventh since government headquarters was moved to France from Mexico in 1945, include three veterans of the Spanish Civil War-President Jose Maldonado, 74, Premier Fernando Valera, 79, and Deputy Premier Julio Just, 81-plus four younger refugees from more recent political purges in...
New York name, the market for securities issued by New York State and its quasi-independent agencies has collapsed. If the city defaults, the state is expected to follow suit in March or April, when it must raise $4 billion in short-term borrowing to supply municipalities and counties with...