Word: municipales
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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...
Close Look. 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...
The 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...
Teso said the crackdown will involve close to 200,000 violators and will probably result in a return of over $500,000 to Cambridge's municipal coffers.
DeGuiglielmo, now a Boston Municipal Court judge, says he can't talk about his role in Cambridge politics, but he can still be seen sipping coffee every morning with his brethren over at Wursthaus, as he has for the last 20 years. Although Frank Cardullo, proprietor of Wursthaus and klatch...