Angry New Yorker

Friday, August 08, 2003

NY Post, August 8, 2003 -- "Quite simply, it's wrong to structure something aimed at getting the city $170 million that's going to cost the taxpayers of this city and this state over $5.1 billion to refinance debt that was incurred in 1975. In 2033, taxpayers in New York City will be paying off debt incurred in 1975. There's a better way."

- Gov. Pataki, explaining his opposition yesterday to a plan to relieve New York City of $2.2 billion in debt, currently scheduled to be repaid in five years, by shifting it to the state, stretching payments to 30 years and incurring some $2.6 billion in additional interest costs

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