Word: pensioned
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Dates: during 1970-1979
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Banks Agree. The municipal workers' unions were persuaded to contribute to the rescue from their pension funds. They agreed to invest $2.5 billion in city securities and to refinance $700 million in bonds issued by the Municipal Assistance Corp. and $450 million in city notes. The New York banks, too, were persuaded to cough up still more in assistance. By promising to balance the state budget, now in deficit by an amount estimated anywhere from $300 million to $700 million, Carey won agreement from the banks to refinance $550 million in city notes and $1.1 billion in MAC bonds...
...Federal Government had softened its stand against helping the city, and seemed in a mood to approve some $2.5 billion in loan guarantees or other assistance. The shift came after state and city officials had put together a program of new taxes, budget cuts, debt deferrals and bank and pension-fund loans to tide New York over the next three years until its budget is balanced. Said Treasury Secretary William Simon: "They are finally taking the tough steps that they have been saying for the past eight months realistically could not be taken...
...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 over the next three years. Finally, city and state banks and pension funds would give up $2.4 billion in three-year MAC bonds yielding 12% interest in exchange for ten-year securities paying 6%. Once this is all done, the Federal Government would bridge the remaining gap with some form...
...suppliers to accept 800 on the dollar for unpaid bills. Among them: $7.5 million for electricity in October and $604,000 for meat served at the city's prisons, hospitals and other institutions. The officials even opened negotiations with trustees of the five city employee pension funds to use their $8.5 billion in assets as collateral for $4 billion in loans to the city. The plan was tentatively and reluctantly approved by some union leaders, among them Albert Shanker, the teachers' boss...
...only will the state have to pass taxes to cover half of the city's estimated deficit--present holders of outstanding debts must agree to roll over to long-term obligations payable at lower interest rates, and unions must agree to reforms leading to lower pension costs," Netzer said...