Word: tax-exempt
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...directors--after Epps in person had reiterated his request that the council's attempts at attaining tax-exempt status with the state and the Internal Revenue Service be suspended--deadlocked over whether to flatly ignore Epps's order and hire an accounting firm, finally deciding to pass a watered-down resolution making it clear they eventually intend...
...legislature gave the U.D.C. broad and controversial powers, such as the right to initiate projects over the objections of local communities and the authority to raise up to $2 billion by selling tax-exempt bonds. Rather than seek approval for the U.D.C. 's financing from a testy electorate, Rockefeller seized on a financing expedient developed in the early 1960s by a successful Wall Street bond lawyer named John N. Mitchell...
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-exempt bonds sold in the U.S. over the past few years. As money grew tight, investors began to look more closely ' at the U.D.C. 's unconventional moral-obligation bonds, which are tied not to specific projects but to the highly uncertain fortunes of the agency as a whole...
Crane left the city in a mass of confusion. His short-sighted policies, designed for immediate growth, no matter what cost, and for low taxes, ignored a crucial housing shortage and a dearth of blue collar jobs. His alliance with James Killian brought in public sector jobs and suburban white collar research work. But the land where these jobs were located was tax-exempt, of little value to the tax base...
...city councilor Francis H. Duchas '55 recalls, the coalition Crane led was built around keeping taxes down and forcing unrestrained development, and was little interested in provided low-income housing that Cambridge's blue collar, poor and elderly could use. But MIT, under chairman James Killian, feeling the heat from MIT's bulging tax-exempt holdings persuaded Pusey to help form the Cambridge Corporation in 1965 university backed vehicle to support the building of low income housing...