Ask the Scholar
Document scope · 1 page
Scholar
Ask about this object, its catalog metadata, its source description, or the page inventory.
For page-specific OCR and visual context, open one of the page chats.
Scholar Source Context
Document identity
localId
1528108
label
New York City, November 1975 - July 1976 (1)
core
doc
dtoType
document
citationUrl
pageCount
1
Source metadata
id
1528108
sourceUrl
contentType
document
title
New York City, November 1975 - July 1976 (1)
citationUrl
collections
L. William Seidman Files (Ford Administration)
William Seidman's Economic Policy Board Subject Files
subjects
New York City financial crisis
thumbnailUrl
largeImageUrl
imageCount
1
hasImages
yes
source
import
hasTranscription
no
Source extras
naId
1528108
coverageEndDate
logicalDate
1976-07-31
month
7
year
1976
coverageStartDate
logicalDate
1975-11-01
month
11
year
1975
levelOfDescription
fileUnit
recordType
description
ocrSource
nara-archive
Single page context
seq
1
pageIndex
0
type
document
mediaId
5866654cbc3eccde
ocrText
The original documents are located in Box 79, folder "New York City, November 1975
- July 1976 (1)" of the L. William Seidman Files at the Gerald R. Ford Presidential
Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 79 of the L. William Seidman Files at the Gerald R. Ford Presidential Library
The sarog
THE WHITE HOUSE
WASHINGTON
November 1, 1975
MEMORANDUM FOR EXECUTIVE COMMITTEE MEMBERS
ECONOMIC POLICY BOARD
FROM:
WILLIAM F. GOROG
uter
SUBJECT:
Ashley Bill for Emergency Guarantee
of New York Obligations
Congressman Ashley (Ohio) has drafted a Bill which will be
offered as an amendment to the President's recommended bank-
ruptcy legislation. A copy of the draft is attached. The
Bill contains the following provisions:
Coverage: All states and political subdivisons thereof.
Supervision: The Bill creates an "Intergovernmental Emergency
Assistance Board" composed of Secretary of the Treasury,
Chairman; Secretary of HUD; Secretary of HEW; Chairman of the
Federal Reserve Board; and Chairman of the Securities Exchange
Commission. Decisions by majority vote.
Powers: The Board may guarantee principal and interest of
obligations (interest subject to Federal tax); but only for the
purpose of enabling the State or subdivision to continue to
provide essential services or to prevent default when such
default in the judgment of the Board could have serious effect
on general economic conditions.
Conditions:
(1) Agency cannot obtain credit.
(2) Agency must submit plan with approval of
Governor for bringing operating expenses into
balance for its second full year following
initial application, and thereafter for as long
as guarantee remains outstanding.
(3) State must demonstrate that it has authority
to control the fiscal affairs of the Agency and
approves all borrowing and contracts during the
period.
(4) State agrees to loan municipality during each
year guarantee may be outstanding,
(a) Amount determined by Board but not to exceed
1/3 of fiscal year operating deficit
GERALD
LIBRARY
2
(b) Loan from State must come from general
tax revenues of State.
(c) Loan must be in addition to any other State
assistance offered prior to application.
(5) In the case of political subdivision which has
already filed for bankruptcy, Board may make
guarantees for a period of six months without
regard for above conditions.
Guarantee Fees: When guarantee is made Board shall
assess and collect fee not to exceed 3/4 of one
percent paid to Emergency Debt Guarantee Fund.
Limitation on Amounts: Total amount under this Bill
not to exceed 5 billion dollars through
September 1989 and 3 billion dollars for period
between October 1989 and September 1999. In
addition, 3 billion dollars having maturities
of 11 months or less.
Obligations Callable: Any obligation guaranteed may
be called without premium any time three years
after date of issue.
Additional Conditions: The Board may require as a condition
that the subdivision renegotiate contracts and obligations if it
is felt that such renegotiation is necessary for the agency to
balance budget,
Audit: General Accounting Office has right to audit.
Operations: An Emergency Municipal Guarantee Fund
shall be established in the Treasury to handle
deposits and collection of fees. Any Federal
Reserve Bank can be designated as Fiscal Agent
for the Board.
Right to Reserve Funds: The right is reserved to
offset against any payments due by the U.S. to
the agency if payment is made pursuant to
guarantees. Penalties are provided (additional
fees) if commitments are not fulfilled.
212
94th CONGRESS
1st Session
489-6600
489-7889
Mr. Ashley (for himself and Mrs. Sullivan, Mr. Rees,
McKinney) Mrs. Spellman, Mr. Tsongas, Mr. St Germain, and Mr.
2533
964847
have 888-7896 644-8603
790-0282
A BILL
To authorize emergency guarantees of obligations of
States and political subdivisions thereof; to amend
the Internal Revenue Code of 1954 to provide that
income from certain obligations guaranteed by the
United States shall be subject to taxation; to amend
the Bankruptcy Act; and for other purposes.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
$1. Short title
This Act may be cited as the "Intergovernmental Emergency
Assistance Act".
TITLE I--INTERGOVERNMENTAL EMERGENCY
ASSISTANCE
$101. Definitions and rules of construction
(a) The definitions and rules of construction
set forth in this section shall be applicable for the
purposes of this title.
FORD is LIBRARY 03RA10
-2-
(b) The term "State" means any State, the
District of Columbia, the Commonwealth of Puerto Rico,
or any territory or possession of the United States.
(c) The term "political subdivision" shall
have the same meaning as used in section 103 of the
Internal Revenue Code of 1954.
(d) Any action authorized or required under
this title by or with respect to a State may be taken
by or with respect to any agency or instrumentality
thereof approved by the Board for that purpose, having
regard to the purposes of the State law creating any
such agency or instrumentality.
-3-
$102. Establishment of the Board
There is created an Intergovernmental Emergency
Assistance Board (referred to in this title as the "Board")
composed of the Secretary of the Treasury, as Chairman,
the Secretary of Housing and Urban Development, the
Secretary of Health, Education and Welfare, the Chairman
of the Board of Governors of the Federal Reserve System,
and the Chairman of the Securities and Exchange Commission.
Decisions of the Board shall be made by majority vote.
$103. Authority for guarantees
The Board may guarantee the payment, in whole
or part, of interest, principal, or both, of obligations
of States (including agencies and instrumentalities
thereof as described in section 102(d)) the interest on
which is subject to Federal taxation, in accordance with
this title. The Board shall give prompt consideration
to any application for a guarantee under this title
and shall, in the event such guarantee is denied, set
forth the reasons for such denial in a written statement
copies of which shall be furnished to the Governor of
the State concerned, the Committee on Banking, Housing,
and Urban Affairs of the Senate, and the Committee on
Banking, Currency and Housing of the House of
Representatives.
-3A-
8104. Purpose
The Board may make guarantees under this title
only for the purpose of--
(1) enabling a political subdivision of
a State to continue to provide essential public
services and facilities; or
(2) preventing, or mitigating the effects
of, default in the payment of obligations of
a political subdivision of a State where such
default has had, or, in the judgment of the
Board, could reasonably be expected to have,
a serious adverse effect on general economic
conditions or on the marketability of obliga-
tions of States and their political subdivisions
in general.
1
-4-
$105. Conditions of eligibility
(a) Except as provided in subsection (b) of
this section, the Board may make guarantees under this
title to a State for the benefit of a political sub-
division thereof only if--
(1) the Board finds that the State or
State agency whose obligations would be guaranteed
(hereinafter referred to as "the applicant State")
and the political subdivision whose credit needs
would be financed by such obligations (hereinafter
referred to as "the assisted municipality") are
effectively unable to obtain credit in the private
market or elsewhere;
(2) the assisted municipality submits, with
the approval of the Governor of the applicant
State, in such detail and in accordance with
such accounting principles as the Board may pre-
scribe, a plan for bringing its operating expenses
into balance with its recurring revenues for its
second full fiscal year following the initial
application for assistance, and thereafter for
as long as any such assistance remains outstanding;
in
(3) the applicant State demonstrates that it has
the authority to control the fiscal affairs of the assisted
ununicipality for the entire period during which the
Federal guarantee will be outstanding including the
authority to determine all revenue estimates, set aggre-
gate expenditure limits, disapprove all expenditures not
in compliance with the plan required under paragraph
and
(2), approve all borrowing and contracts during that
period; and
(4) the applicant State agrees to provide in accord-
ance with this subsection a grant or loan to the assisted
municipality for each fiscal year of the municipality
during which a guarantee under this title may be outstand-
ing. Such grant or loan shall--
LIBRARY
6
(A) Be in an amount determined
by the Board but not exceeding one-third
of the anticipated operating deficit of the assisted
municipality for that fiscal year or portion thereof as
determined in accordance with accounting principles
prescribed by the Board;
(B) be derived from the general tax revenues
of the applicant State;
(C) be in addition to all other grant or similar
assistance provided to the assisted municipality by
the applicant State pursuant to programs established
or commitments made prior to its initial request for
title
a guarantee under this Act;
(D) be provided at such times as the Board
may prescribe; and
(E) be used by the assisted municipality to
meet its operating expenses in accordance with the
financial plan required under paragraph (2).
1
GERALD LISBARY
7
(b) In the case of a political subdivision which has
filed a petition under the Bankruptcy Act or which has actually
defaulted on one or more of its obligations, the Board may, for
a period of six months following the filing of such petition or
the date of such default (as determined by the Board), extend
make guaran tees
financial assistance under this title without regard to one or
A
more of the conditions prescribed in subsection (a) of this
section to a State for the benefit of such political subdivision
if the Board determines that an emergency exists which makes
compliance with such condition or conditions impracticable.
$106. Guarantee fees
Whenever any obligation is guaranteed under this title,
the Board shall assess and collect from the obligor a guarantee
fee which shall not exceed three-quarters of one percent per
annum. Any such fees shall be covered into the Treasury as
miscellaneous
receipts. paid into the Emergency
municipal Debt Guarantee Fund
established under section 111 of this
title:
BERALD FORD LIBRARY
8
issued
guarantees
$107. Limitations on amount of assistance outstanding
(a) Except as provided in subsection (b) of this section,
Indianties
the total amount of all financial assistance (exclusive of un-
earned interest) which may be outstanding under this title at
any one time shall not exceed--
(1) $5,000,000,000 during the period from the date
of enactment of this title through September 30, 1989, and
(2) $3,000,000,000 during the period from October 1,
1989 through September 30, 1999.
(b) In addition to the amounts authorized under subsection
(a) of this section, prior to October 1, 1978, there may be out-
standing at any one time not exceeding $2,000,000,000 in the form
of guarantees of obligations having a maturity of eleven months
or less from date of issue.
(c) No obligation may be guaranteed under this title
which has a maturity beyond September 30, 1999.
$108. Obligations callable after three years
Any obligation guaranteed under this title may be called
for redemption at the option of the issuer and without the pay-
ment of a call premium at any time more than three years after
the date of issue.
FORD i LIBRARY GERALD
-9-
S. 109. Additional Terms and Conditions
making in gnarantic
(a) As a condition to the extension of any financial
assistance under this title, the Board shall impose reasonable
requirements with respect to the renegotiation or exchange of
outstanding obligations entered into by, on behalf of, or for
the benefit of, the political subdivision for whose benefit such
the quaranter is intended.
benefit assistance is being considered or extended. Where such
renegotiation or exchange involves the terms of bonds, notes,
or similar obligations previously entered into, the Board shall
require that a substantial percentage of such obligations be
exchanged for nonguaranteed obligations bearing a substantially
longer maturity, a substantially lower interest rate, or both.
Where such renegotiation involves the terms of contracts of other
provisions for compensation (including pensions and other benefits)
for personal services rendered or to be rendered, there may be
taken under consideration the compensation and other benefits
provided for similar services by other employers, with particular
reference to employers which are political subdivisions of the
same State or of other States. In any renegotiation, there may
also be taken into consideration the reduction which the results
of such renegotiation may effect in the risk that the political
subdivision involved would be unable to fulfill its commitments.
(b) In addition to the terms and conditions otherwise
GERALD
LIBRARY
required by or under this title, the Board may impose such terms
and conditions, not inconsistent with the general purposes of
this title, as it deems appropriate with respect to any financial
the making of
any quarantic
desistance under this title.
-10-
§110. Audits
(a) No financial assistance may be extended under this
guarantee may be made
title for the benefit of any State or political subdivision
thereof unless the General Accounting Office is authorized
to make such audits as may. be deemed appropriate by
either the Board or the General Accounting Office of all
accounts, books, records, and transactions of the State,
the political subdivision, if any, involved, and any agency
or instrumentality of such State or political subdivision. The
General Accounting Office shall report the results of any
such audit to the Board and to the Congress.
FORD & LIBRARY GERALD
-11-
$111.
Emergency Municipal Debt Guarantee Fund
(a) There is established in the Treasury an
emergency municipal debt guarantee fund (hereinafter
referred to as the "fund") to be administered by the Board.
The fund shall be used for the payment of the expenses of the
Board and for the purpose of fulfilling the Board's obliga-
tions under this Act. Moneys in the fund not needed for cur-
rent operations may be invested in direct obligations of, or
obligations that are fully guaranteed as to principal and inter-
est by, the United States or any agency thereof.
(b) Sums realized from the guarantee fee required under
this Act shall be deposited in the fund. Notwithstanding any
other provision of law, the Secretary of the Treasury shall
deposit in the fund any payment, or portion thereof, which
a State government or unit of local government would other-
wise be entitled to receive under the State and Local Fiscal
Assistance Act of 1972, or any comparable program of fiscal
assistance to State and local government, and which is
waived by such government pursuant to this Act.
(c) Payments required to be made as a consequence of
GERALE
LIBRARY
-12-
any guarantee by the Board shall be made from the fund. In
the event and to the extent that the moneys in the fund are
insufficient to make such payments the Secretary of the Treas-
ury is authorized and directed to make such payments on
behalf of the Board and for that purpose he is authorized to
üse as a public debt transaction the proceeds from the sale of
any securities issued under the Second Liberty Bond Act, as
amended, and the purposes for which securities may be issued
under that Act are extended to include any such payments.
§112. Federal Reserve banks as fiscal agents
Any Federal Reserve bank which is requested to do so
shall act as fiscal agent for the Board. Each such fiscal agent
shall be reimbursed by the Board for all expenses and losses
incurred by it in acting as agent on behalf of the Board.
GERALDA
-13 -
-
§113. Protection of Government's interest
(a) The Attorney General shall take such action as
may be appropriate to enforce any right accruing to the
United States or any officer or agency thereof as a result
of the issuance of guarantees under this title. Any sums
recovered pursuant to this section shall be paid into the
emergency loan guarantee fund.
(b) The Board shall be entitled to recover from the
borrower, or any other person liable therefor, the amount
of any payments made pursuant to any guarantee agree-
ment entered into under this title, and upon making any
such payment, the Board shall be subrogated to all the
rights of the recipient thereof.
art
GERALD
-14.
(c) There is hereby reserved to the United States the
right to offset against any sums otherwise due for any reason
from the United States (including but not limited to any sums
which may be due under the State and local Fiscal Assistance
Act of 1972, or other comparable general purpose financial
when obligation are guars ticd
assistance) to any State to which assistance is extended under
whose
this title, or to any political subdivision for the benefit of
any guarantee is made
which assistance is extended under this title, the amount in
^
whole or part of any payment actually made by the United States
much
pursuant to any guarantee. under this title Such right of
^
offset shall be exercised only with respect to such sources
of Federal revenue, and at such rate, as the Board may determine
to be appropriate with a view to reimbursing the United States
as expeditiously as may be practicable under the circumstances
as they exist at the time.
FORD & GERALD LIBRARY
-15-
guarantee
(d) Whenever any Financial assistance under this title is
outstanding, and there is a failure on the part of the obligor
or on the part of the political subdivision for whose benefit
such assistance was extended to fulfill any commitment or
undertaking which it agreed to fulfill in consideration of
such assistance, the Board may, in its discretion, for any
period during which such failure continues, assess an additional
guarantee fee in any amount such that the total of the original
guarantee fee and any such additional fees for such period does
not produce a total which is at a rate in excess of three times
the rate otherwise authorized under section 106.
$114. Reports
The Board shall submit to the Congress quarterly & full
report of its operations under this title.
FORD & LIBRARY GERALD
-16
#
5
§ 112. Termination
The authority of the Board to make loans and guar-
antees under this title terminates on September 30, 1979. Such
termination does not affect the carrying out of any contract,
guarantee, commitment, or other obligation entered into
pursuant to this title prior to that date, or the taking of any
action necessary to preserve or protect the interests of the
United States in any amounts advanced or paid out in
carrying on operations under this title.
TITLE II-AMENDMENT TO INTERNAL REVENUE
CODE OF 1954
§ 201. Taxability of certain federally guaranteed obliga-
tions
Section 103 (a) (1) of the Internal Revenue Code of
1954 (relating to interest on certain governmental obliga-
tions) is amended by inserting immediately before the semi-
colon at the end thereof the following: ", except in the case
of an obligation whose payment is guaranteed in whole or
part under authority of section 103 of the Intergovernmental
Emergency Assistance Act".
TITLE III--AMENDMENT TO THE BANKRUPTCY ACT
end
GERALD
THE SECRETARY OF THE TREASURY
WEATHE a TREASURY
WASHINGTON 20220
NOV 3 - 1975
MEMORANDUM FOR THE PRESIDENT
SUBJECT: New York City
I. Legislative Situation. Last week, the Senate Banking
Committee reported out a bill which would provide $4 billion
of financial assistance in the first year and additional
amounts in later years to prevent default and operate the City.
Floor action could begin as early as late this week or early
next week.
The House Banking Committee reported a similar bill
today.
Neither bill requires the Executive Branch to provide
funds to prevent default. Both confer discretion on an
Executive Board, consisting of Treasury, Labor and Federal
Reserve in the Senate and Treasury, HUD, HEW, Federal Reserve
and SEC in the House. The Senate bill is extremely strict,
requiring new state taxes, renegotiation of labor contracts
and substantial unguaranteed financial participation by the
banks and pension funds. The House bill is far more vague.
Both bills contain provisions authorizing money for essential
services after default. The House bill will include our
bankruptcy proposal as Title III.
II. New York City Finances. If New York City does not
receive the November infusion of cash under the three month
plan adopted by the Legislature in September, it will default
on $270 million of notes on November 10. While the availa-
bility of such cash seemed certain a few weeks ago, we
understand that at least some people in New York are now taking
the position that if New York City will default in December
anyway, why weaken the state further by throwing more money
in now.
III. Ongoing Negotiations in New York City. We understand
that preliminary, but serious, conversations have taken place
between union leaders and bankers to determine the concessions
which might be effective in resolving the situation. But
these parties recognize, as do we, that this approach will be
futile unless the Governor and the Legislative leaders are
full participants.
- 2 -
Basically, there would be three parts to a package:
(1) New taxes.
(2) Wage and benefit cutbacks.
(3) Debt restructuring.
From a financial standpoint, new taxes are critical to success.
The Governor has resisted these demands in the past, both in
public and with his closest advisers. If he continues to
do so, this approach cannot succeed, notwithstanding the
best intentions of the other parties.
IV. Federal Assistance Regarding Essential Services.
Since your Press Club speech, the most frequently asked
questions have related to your statement that we will work
with the court to insure that services essential to life
and property are maintained. Specifically, two questions
have been asked: what are essential services, is education
an essential service, for example? and what mechanism would
we employ to provide them?
In responding to these concerns, the timing of your
action may be as important as the substance. Accordingly,
in considering the following issues, I would recommend that
you consider when any announcement should be made.
Issue One: What role should the Federal Government
play with respect to ongoing negotiations?
Option One: Designate a Federal official to
participate either actively or as
an observor.
Option Two: Continue to remain completely removed
from such negotiations.
Issue Two: What should be done to fulfill your commit-
ment regarding essential services?
Option One: Submit legislation defining essential
services and authorizing the Executive
Branch to provide for the maintenance
of these services through loans,
guarantees or grants.
Option Two: Delay any further clarification at
this time.
- 3 -
Issue Three: What should our position be with respect
to current legislation?
Option One: Announce that you will sign the legisla-
tion coming out of the Congress, but
that you will not use the mechanism to
prevent default and will only use the
post default mechanism.
Option Two: Announce that you will veto any legisla-
tion, which contains pre-default action,
even if it only authorizes you to act.
Option Three: Make no further announcement and take no
action until after default.
William WES E. Simon
GERALD
BRARY
THE WHITE HOUSE
WASHINGTON
November 3, 1975
NOTE FOR RON NESSEN
FROM: BILL SEIDMAN sws
An analysis of the congressional papers in
this area will be available from CEA by
Tuesday, noon. Suggest that today you in-
dicate that we are studying the matter and
that in general we feel that state and
local governments have already adjusted
their budget in light of the New York City
situation.
Attachment
LIBRARY
THE WHITE HOUSE
WASHINGTON
November 18, 1975
MEMORANDUM FOR THE PRESIDENT
FROM:
L. WILLIAM SEIDMAN gws
SUBJECT:
New York City
The following issues are outlined to provide a focus for the
discussion of the New York City situation at the 3:00 p.m.
meeting today:
Issue 1: Should the Federal Government provide financial assis-
tance to New York City to meet its seasonal borrowing
requirements for essential services?
Option A: Turn down the New York request for Federal assistance
and recommend that additional actions be taken at the
state and local level.
Option B: Agree to support legislation authorizing Federal assis-
tance to meet seasonal borrowing needs for essential
services.
Option C: Seek agreement from private financial institutions to
provide financing the New York City's seasonal needs
and support legislation securing such financing with
future Federal payments otherwise due the State and
City.
If you decide in principle to support Federal assistance for New
York City's seasonal borrowing needs several additional issues
require your attention.
Issue 2: Should seasonal borrowing assistance take the form
of direct loans or loan guarantees?
Option A: Direct loans.
Option B: Loan guarantees.
GERALE FORD LIBRARY
-2-
Issue 3: What types of conditions should be attached to the
provision of Federal assistance?
Option A: General condition that the lender (the Federal Govern-
ment) be satisfied that the borrower has the capacity
to repay the loan.
Option B: Mandate certain specific actions that must be taken
to qualify for the assistance.
Option C: Require that Federal loans or guarantees be secured
by a lien on future Federal payments otherwise due
the State and City. (An OMB memorandum on this issue
is attached)
Issue 4: What should constitute the control mechanism for any
Federal assistance?
Option A: Supervision of Federal loans or guarantees by a small
Board of Federal officials appointed by the President.
Option B: Supervision of Federal loans or guarantees by a single
Cabinet officer appointed by the President.
Option C: Supervision of Federal loans or guarantees by a small
Board of non-Federal Government officials appointed
by the President.
Issue 5: What should be the size and duration of any Federal
assistance to New York for seasonal borrowing?
Option A: Restrict Federal assistance initially to one year
duration and to the estimated $1.3 billion required
by New York City for the remainder of this fiscal
year (through June 30, 1976).
Option B: Restrict Federal assistance to three years and to
the estimated levels outlined in the New York plan
(through June 30, 1978)
Option C: Provide Federal assistance for the five years outlined
in the current House bill.
DRAFT - 11/3/75 (DWMetz)
Dear Mr. Ebe:
The President asked me to acknowledge your October 30
telegram on the New York City fiscal situation sent in behalf of
the New York State Black and Puerto Rican Legislative Caucus.
He appreciates receiving your views, but regrettably his
schedule does not permit a meeting.
I can assure you, however, that any further comments
you may have will be conveyed to appropriate officials for
careful consideration.
With kind regards and appreciation of your concern.
Sincerely,
William W. Nicholson
Mr. Arthur O. Ebe
Chairman
Black and Puerto Rican Legislative Caucus
New York State Assembly
LOB Room 736
Albany, New York 12224
GERALD LIGGARY
THE WHITE HOUSE
WASHINGTON
October 31, 1975
MEMORANDUM FOR:
JAMES CANNON
WILLIAM SEIDMAN
FROM:
WILLIAM W. NICHOLSON WWN X7070
SUBJECT:
Request from Black and Puerto Rican Legislative
Caucus of the New York State Assembly to meet
with the President about his statement on
assistance to New York City.
I anticipate that there will be other requests similar to this regarding
New York City.
Do you want to handle this request and any other similar ones? I
would appreciate your advice.
Thank you.
Read
/ graft
Day M dong inot
we appreciate Have
have Joes of
and
sudula it o views to staff
FORD is LIBRARY GERALD
entry
5184722411 MGM TOMI ALBANY NY 100 10-30 0410P EST
ZIP
ACTION
TID
SCHEDULE BD.
PRESIDENT GERALD FORD
DATE RECEIVED
WHITE HOUSE
WASHINGTON DC 20500
OCT 21 1975
MESSAGE
SPEAKERS BUREAU
OTHER
APPOINTMENT OFFICE
MY DEAR MR PRESIDENT,
THE NEW YORK STATE BLACK AND PUERTO RICAN LEGISLATIVE CAUCUS FEELS THAT
YOUR STATEMENT REGARDING THE FISCAL CRISIS IN NEW YORK CITY DOES NOT
ENCOMPASS THE FULL IMPACT OF DEFAULT ON THE BLACK AND PUERTO RICAN
COMMUNITY IN NEW YORK.
YOUR STATEMENT ELUDES THAT ESSENTIAL SERVICES IN NEW YORK CITY WILL BE
MAINTAINED AT THEIR PRESENT LEVEL. UNFORTUNATELY, YOUR ASPECT OF
ESSENTIAL SERVICES ONLY INCLUDE POLICE, FIRE AND SANITATION, WE FEEL
THIS POSITION IGNORES OTHER VITAL HUMAN SERVICES WHICH SHOULD BE GIVEN
PRIORITY ALONG WITH POLICE FIRE AND SANITATION,
THESE SERVICES ARE:
1. THE CONTINUATION IN PAYMENT OF WELFARE CHECKS IN CASE OF DEFAULT,
2, THE CONTINUING OF THIRO PARTY CONTRACTS FOR MEDICAID AND HEALTH
INSURANCE.
3, ASSURANCE THAT THE EDUCATION OF THE CHILDREN IN NEW YORK CITY'S
PUBLIC SCHOOLS WILL NOT BE DISRUPTED,
4. SERVICES FOR SENIOR CITIZENS SHOULD NOT BE DIMINISHED,
REALIZING THAT BLACKS AND PUERTO RICANS MAKE UP A SUBSTANTIAL
PERCENTAGE OF THE POPULATION OF NEW YORK CITY, WE WOULD LIKE AN
OPPORTUNITY TO MEET WITH YOU AT YOUR CONVENIENCE AS SOON AS POSSIBLE,
WE AWAIT AN IMMEDIATE RESPONSE FROM YOU ON THE APPRORIATE TIME AND
PLACE
7
SINCERELY
ARTHOR 0 E6F CHAIRMAN,
BLACK AND PUERTO RICAN LEGISLATIVE CAUCUS
NEW YORK STATE ASSEMBLY
LOB ROOM 736
ALBANY NY 12224
16:10 EST
GERALD FORD LIBRARY
MGMWSHT HS8
TALKING POINTS
1.
I continue to be concerned about the citizens of
New York City in the event of default. As I've
said in the past, I think it imperative that essen-
tial services be maintained. I still believe that
the City and State have it within their power to avoid
a default, and I am continuing to keep abreast of the
New York situation through my economic advisors.
2.
I understand that the Senate and House Banking Com-
mittees have reported legislation which would provide
financial assistance prior to default and also contain
provisions authorizing essential services after default.
Neither of these bills requires the Executive Branch
to provide funds to prevent a default.
3.
I would like to have your views on these bills.
Seidman
11/3/75
DRAFT - 11/3/75 (DWMetz)
New York City Letter =
Dear
:
Thank you (or The President asked me to thank you) for
giving us the benefit of your views on the question of special
Federal aid for New York City.
We continue to oppose a Federal bail-outh We favor changes
in the bankruptcy law which would provide for the orderly
maintenande of escential services and management of debt
obligations should the city default.
Knowing of your interest in this problem is appreciated.
Sincerely,
L. William Seidman
Assistant to the President
for Economic Affairs
LIBRARY
DRAFT - 11/3/75 (DWMetz)
New York City Letter
Dear
:
Thank you (or The President asked me to thank you) for
giving us the benefit of your views on the question of special
Federal aid for New York City.
We continue to oppose a Federal bail-out. We favor changes
in the bankruptcy law which would provide for the orderly
maintenance of essential services and management of debt
obligations should the city default.
Knowing of your interest in this problem is appreciated.
Sincerely,
L. William Seidman
Assistant to the President
for Economic Affairs
LIBRARY
THE WHITE HOUSE
WASHINGTON
November 3, 1975
MEMORANDUM FOR :
JOHN HARPER
FROM :
JIM CANNON
SUBJECT :
Comments on New York City
If our only options are these four, I would
take four.
However, Bill Seidman suggested a fifth
option, which he will explain, and which
I would prefer.
Attachment
GERAL FORD CIHRARY
OF
DEPARTMENT THE THE TREASURY
THE SECRETARY OF THE TREASURY
WASHINGTON 20220
1789
MEMORANDUM FOR THE PRESIDENT
SUBJECT: New York City
I. Legislative Situation. Last week, the Senate Banking
Committee reported out a bill which would provide $4 billion
dollars of financial assistance in the first year and additional
amounts in later years to prevent default and operate the City.
Floor action could begin as early as late this week or early
next week.
The House Banking Committee reported a similar bill
today.
Neither bill requires the Executive Branch to provide
funds to prevent default. Both confer discretion on an
Executive Board, consisting of Treasury, Labor and Federal
Reserve in the Senate and Treasury, HUD, HEW, Federal Reserve
and SEC in the House. The Senate bill is extremely strict,
requiring new state taxes, renegotiation of labor contracts
and substantial unguaranteed financial participation by the
banks and pension funds. The House bill is far more vague.
Both bills contain provisions authorizing money for essential
services after default. The House bill will include our
bankruptcy proposal as Title III.
II. New York City Finances. If New York City does not
receive the November infusion of cash under the three month
plan adopted by the Legislature in September, it will default
on $270 million of notes on November 10. While the availa-
bility of such cash seemed certain a few weeks ago, we
understand that at least some people in New York are now taking
the position that if New York City will default in December
anyway, why weaken the state further by throwing more money
in now.
III. Other Activities in New York City. We understand
that preliminary, but serious, conversations have taken place
between union leaders and bankers to determine the concessions
which might be effective in resolving the situation. But
these parties recognize, as do we, that this approach will be
futile unless the Governor and the Legislative leaders are
full participants.
GERALD
SIBRARY
- 2
Basically, there would be three parts to a package:
1. New taxes.
2. Wage and benefit cutbacks.
3. Debt restructuring.
From a financial standpoint, new taxes are critical to success.
The Governor has resisted these demands in the past, both
in public and with his closest advisers. If he continues
to do so, this approach cannot succeed, notwithstanding the
best intentions of the other parties.
IV. Options for Federal Assistance Regarding Essential
Services. Since your Press Club speech, the most frequently
asked questions have related to your statement that we will
work with the court to insure that services essential to life
and property are maintained. Specifically, two questions
have been asked: what are essential services, is education
an essential service, for example? and what mechanism would
we employ to provide them?
In responding to these concerns, the timing of your
action may be as important as the substance. Accordingly,
in considering the following options, I would recommend
that you consider when the announcement should be made.
Option One: Submit legislation defining essential
services and authorizing the Executive Branch to provide for
the maintenance of these services through loans, guarantees
or grants.
Option Two: Announce that you will sign the legislation
coming out of the Congress, but that you will not use the
mechanism to prevent default and will only use the post
default mechanism.
Option Three: Announce that you will veto any legislation,
which contains pre-default action, even if it only authorizes
you to act.
Option Four: Make no further announcement and take no
action until after default.
William E. Simon
THE SECRETARY OF THE TREASURY
WASHINGTON 20220
NOV 3 - 1975
MEMORANDUM FOR THE PRESIDENT
SUBJECT: New York City
I. Legislative Situation. Last week, the Senate Banking
Committee reported out a bill which would provide $4 billion
of financial assistance in the first year and additional
amounts in later years to prevent default and operate the City.
Floor action could begin as early as late this week or early
next week.
The House Banking Committee reported a similar bill
today.
Neither bill requires the Executive Branch to provide
funds to prevent default. Both confer discretion on an
Executive Board, consisting of Treasury, Labor and Federal
Reserve in the Senate and Treasury, HUD, HEW, Federal Reserve
and SEC in the House. The Senate bill is extremely strict,
requiring new state taxes, renegotiation of labor contracts
and substantial unguaranteed financial participation by the
banks and pension funds. The House bill is far more vague.
Both bills contain provisions authorizing money for essential
services after default. The House bill will include our
bankruptcy proposal as Title III.
II. New York City Finances. If New York City does not
receive the November infusion of cash under the three month
plan adopted by the Legislature in September, it will default
on $270 million of notes on November 10. While the availa-
bility of such cash seemed certain a few weeks ago, we
understand that at least some people in New York are now taking
the position that if New York City will default in December
anyway, why weaken the state further by throwing more money
in now.
III. Ongoing Negotiations in New York City. We understand
that preliminary, but serious, conversations have taken place
between union leaders and bankers to determine the concessions
which might be effective in resolving the situation. But
these parties recognize, as do we, that this approach will be
futile unless the Governor and the Legislative leaders are
full participants.
11/4 Secretary Simon has not yet concurred on this memo.
- 2 -
Basically, there would be three parts to a package:
(1) New taxes.
(2) Wage and benefit cutbacks.
(3) Debt restructuring.
From a financial standpoint, new taxes are critical to success.
The Governor has resisted these demands in the past, both in
public and with his closest advisers. If he continues to
do so, this approach cannot succeed, notwithstanding the
best intentions of the other parties.
IV. Federal Assistance Regarding Essential Services.
Since your Press Club speech, the most frequently asked
questions have related to your statement that we will work
with the court to insure that services essential to life
and property are maintained. Specifically, two questions
have been asked: what are essential services, is education
an essential service, for example? and what mechanism would
we employ to provide them?
In responding to these concerns, the timing of your
action may be as important as the substance. Accordingly,
in considering the following issues, I would recommend that
you consider when any announcement should be made.
Issue One: What role should the Federal Government
play with respect to ongoing negotiations?
Option One: Designate a Federal official to
participate either actively or as
an observor.
Option Two: Continue to remain completely removed
from such negotiations.
Issue Two: What should be done to fulfill your commit-
ment regarding essential services?
Option One: Submit legislation defining essential
services and authorizing the Executive
Branch to provide for the maintenance
of these services through loans,
guarantees or grants.
Option Two: Delay any further clarification at
this time.
- 3 -
Issue Three: What should our position be with respect
to current legislation?
Option One: Announce that you will sign the legisla-
tion coming out of the Congress, but
that you will not use the mechanism to
prevent default and will only use the
post default mechanism.
Option Two: Announce that you will veto any legisla-
tion, which contains pre-default action,
even if it only authorizes you to act.
Option Three: Make no further announcement and take no
action until after default.
William E. Simon
STATE OF NEW YORK
EXECUTIVE CHAMBER
ALBANY 12224
HUGH L. CAREY
GOVERNOR
November 4, 1975
ws
Dear Mr. President:
I have today sent the attached letter and supporting
materials to the President of the Federal Reserve Bank of
New York. On behalf of the people of the State of New York,
I am requesting that the Federal Reserve consider emergency
I
credit assistance for four agencies of the state that face
imminent default on their obligations. I wish to stress to
you that these agencies have nothing to do with the fiscal
crisis facing New York City. Each of them has an enviable
record of financial soundness and prudent management. Each
of them for years have been relied upon by the citizens of
New York to provide housing, health and environmental
facilities essential to the state's well being. Yet these
agencies, the models for similar agencies in over 30 other
states, now find themselves precluded from the investment
market
a condition that has only been severely aggravated
since your recent speech calling for the bankruptcy of New
York City.
Should these agencies default, which certainly will occur
in the absence of Federal assistance, hundreds of projects
involving $2.5 billion in construction funds will be stopped.
prior to completion and thousands of workers will be thrown
into the unemployment rolls. These projects include hospitals
and other health facilities, schools, and housing.
The general credit of the State will not only be placed
in jeopardy but, in my opinion, could be critically impaired
for many years to come.
Again, all of this does not have to occur. While these
agencies have no direct relationship with the New York City
problem, unfortunately the investment community views the
problem as one and the same. This will continue as long as
the Administration remains passive in the face of the New
York City crisis.
GERALD
LIBRARY
2
In effect, the contagion of New York City has now
spread to agencies of New York State.
In addition, your many statements on this subject
continue to assert that the State of New York has
sufficient resources to meet the collapse of the city.
I would only remind you once more of what your own
financial experts know - the State of New York has its
own budget deficit of $700 million, and is in no position
to sustain the city's needs or meet the borrowing needs of
these state agencies.
I sense, Mr. President, as do many others across the
country that we are at an economic crossroads unparallelled
since those final moments in the darkest Depression. Whatever
points you thought necessary to make about the past mistakes
of New York City have been made. For our part, we have labored
long and hard over the past ten months of my administration to
right those wrongs. Now, despite all those efforts, we see the
rapid spread of financial confusion and distrust from the city
to the State, and potentially to other states as well.
It is not inappropriate, indeed it is in the tradition
of our nation for us now to look for and expect positive
leadership from a President and his administration.
Sincerely,
Hughez. Carey
Governor
The Honorable Gerald R. Ford
President of the United States
The White House
Washington, D.C.
LIBRARY
STATE OF NEW York
EXECUTIVE CHAMBER
ALBANY 12224
HUGH L. CAREY
GOVERNOR
November 4, 1975
Dear Mr. Volcker:
Pursuant to my responsibilities as Governor of the State
of New York, I herewith submit a preliminary application and
request for consideration of a 90-day extension of credit,
with the option of renewal for an additional 90 days, in the
amount of $576 million pursuant to Section 13 of the Federal
Reserve Act (12USC 343). The proceeds of this loan would be
applied to meet the immediate needs of the following public
benefit corporations which are authorized by statute to
operate within New York State:
-- Housing Finance Agency
-- Medical Care Facilities Financing Agency
-- Dormitory Authority
-- Environmental Facilities Corporation
Events in recent months and weeks have disrupted the
capital markets, closing them to the issues of several agencies
which have traditionally enjoyed high ratings and a reputation
for prudent and conservative management. New York State and
the Federal government, to the extent of their capacity, have
an obligation to help contain this crisis and to insure that
agencies with sound credit are not destroyed.
The President indicated in his address to the nation last
Wednesday that discerning investors would distinguish between
sound credits and weak ones, and that the market had already
largely discounted the potential insolvency of New York City.
Yet, as of this moment, the capital markets are closed to four
New York State authorities. Indeed, the prospects of securing
financing for these seasoned agencies are considerably dimmer,
not brighter, following the President's speech.
EQ30 a LIBRARY
- 2 -
Now more than at any other time, I believe, since creation
of the Federal Reserve System, the essentials of one of its
crucial national purposes are sharply defined by the demands of
the current crisis: to provide credit on an emergency basis to
sound agencies which find traditional sources of investment
temporarily closed to them.
In support of this application, enclosed is a series of
analyses prepared by my office which explain the circumstances
giving rise to this preliminary application.
I have discussed this request with the Lieutenant Governor,
the State Comptroller, the Speaker and Minority Leader of the
State Assembly, and the Majority and Minority Leaders of the
State Senate, and can report they endorse the course of action
proposed in this letter.
I have asked the legislative leaders to stand in readiness
to convene a legislative session the week of November 10th. As
you know, staff representatives of my office and the legislative
leaders have been meeting with financial institutions to discuss
steps that have been proposed to strengthen the viability of the
State agencies; the legislative session would provide a timely
opportunity for State action in support of the State agencies in
connection with any definitive action regarding an extension of
credit. It is my hope that this letter can lead to early dis-
cussion with you of the alternatives open to us and agreement on
a common framework for action.
For a complete analysis and explanation of the public
purpose to be financed under the proposed loan, and to supply
further information, State Budget Director Peter C. Goldmark, Jr
and the directors of the four public authorities involved-are
prepared to answer any request you may have.
Sincerely,
/ 3 / Hugh L. Carey
Mr. Paul Volcker
President, Federal Reserve
Bank of New York
33 Liberty Street
New York, New York
Enclosure
FORD is LIBRARY 076835
THE WHITE HOUSE
WASHINGTON
November 5, 1975
MEMORANDUM FOR THE PRESIDENT
FROM:
L. WILLIAM SEIDMAN
SUBJECT:
New York City Financial Plan
In accordance with your request a copy of the Financial Plan
for the City of New York prepared by the City and the Emergency
Financial Control Board is attached at Tab A.
A summary of the results of major state bond issues that were
voted on yesterday is attached at Tab B.
October 20, 1975
WHEREAS, the City of New York has -- pursuant to Section 8 of the
New York State Financial Emergency Act for the City of New York --
submitted on October 15, 1975 to the Emergency Financial Control
Board a Financial Plan for the City and covered organizations
for the fiscal years of the City ending June 30, 1976, June 30,
1977, and June 30, 1978; and
WHEREAS, the members of the Board and -- at their direction -- the
Special Deputy Comptroller for the City of New York and the
State Budget Director have reviewed the Financial Plan submitted
by the City; and
WHEREAS, upon request of the Board the City has modified its
Financial Plan with respect to capital expenditures; and
WHEREAS, the City has modified its Financial Plan as originally
submitted, in accordance with the assumptions in the attached
Statement;
NOW THEREFORE, the Board hereby
RESOLVES, that pursuant to Section 8 of the New York State
Financial Emergency Act for the City of New York, the
Financial Plan submitted by the City on October 15, 1975,
as subsecuently modified, is approved to be effective
October 20, 1975.
FORD is LIBRARY GERALD
SECTION I
INTRODUCTION AND ASSUMPTIONS
FORD
GERALD
LIBRARY
Introduction
This document presents a summary of the joint City-
Emergency Financial Control Board three-year financial
plan developed pursuant to the requirements of Chapter 868
of the Laws of 1975, as amended. The plan demonstrates
a feasible path from the City's present state of fiscal
imbalance to a balanced budget for the fiscal year com-
mencing on July 1, 1977, and relies on several essential
assumptions as outlined below. In particular, it assumes
that there will be available a Federal guarantee for
taxable notes at an interest rate of eight and one-half
percent in a principal amount of approximately $6 billion.
A key feature of the financial plan is that it prescribes
a system of reports and milestones to assist the City, the
EFCB, and other interested parties to monitor the execution
of the plan, the complete details of which, respecting the
expenditure plan and the capital plan, will be provided
within fifteen days. More details on the expenditure
programs of covered organizations over which the City has
no control and their impact on the Financial Plan will also
be required.
On the basis of the Board's review to date, cash
reductions in the City's capital budget by approximately
$390 million over the period to June 30, 1978, have already
been included in the plan. As part of an ongoing review,
all capital projects will be reevaluated to determine the
extent to which they should be discontinued or stretched
out in view of the urgent cash shortage.
The monitoring system will provide guidance regarding
possible modifications which may be required in light of
experience over the period of the plan. This monitoring
system will be supported by the conversion of the City's
financial reporting system to the State Comptroller's
uniform system of accounts for municipalities, as modified
for New York City.
There have been many recommendations from public and
private groups regarding areas and functions which may
be particularly susceptible to cost reductions or elimina-
tions. At the request of the Board, the City will be asked
to comment on these suggestions and implement them when
practical.
-2-
Assumptions
1. Revenues: 2. City revenues are estimated in accordance
with those delivered by the EFCB as of
September 30, 1975, with some modifica-
tions concerning real property tax changes
required by alternative debt service
assumptions.
b. On a cash basis, it is assumed that the
State will repeat its advances of
various State aid funds in the final
quarter of the City fiscal year. In
City fiscal year 1974-75, such advances
totaled $785 million.
2. Expenses: a. It is assumed that there will be no wage
increases for municipal employees for
the duration of the plan above the 1975-
76 levels as described in the City's
submission, Schedule A.
b. It is assumed that the City's cost for
welfare and medicaid programs will remain
constant throughout the plan period.
c. The plan does not address the questions
concerning accrual and funding of the
City's pension plans, pending recommen-
dations from the Mayor's Management
Advisory Board headed by Richard Shinn.
Pension surplus reversion to the City
and certain covered organizations is
assumed at $104.6 million for City fiscal
year 1975-76, and approximately $135
million for fiscal year 1976-77 and
$165 million for 1977-78.
FORD
GERALD
LIBRARY
-3-
3. Reductions: 2. Some of the cost reductions proposed
by the City in practice may not be
implemented in the exact manner con-
templated in the City plan. In some
cases, the City will have to be
prepared to implement these reductions
to the same dollar amount through
alternative means.
b. Covered organizations will be required
to comply with expenditure limitations
2s contained in the City's submission
or as subsequently modified by the
City with the approval of the EFCB.
The City will be asked to bear primary
responsibility for monitoring compli-
ance with the plan on behalf of the
Board, and the Board will use its
authority to assure such compliance.
c. The Board notes that the City's
Financial Plan provides that operating
items in the capital budget will be
reduced by $30 million on a cash basis
in the current City fiscal year and by
$50 million in each of the succeeding
years resulting in a cumulative total
of $80 million in 1976-77 and $130
million in 1977-78.
4. Financing: a. The success of the Plan rests on the
assumption that over the life of the
Plan there will be available approxi-
mately $6 billion in principal amount
of Federally guaranteed, taxable notes,
bearing 8 1/2% annual interest. It is
assumed that an entity authorized by
law to issue such notes will be issuer
thereof.
FORD
is
GERALD
LIBRARY
SECTION II
FINANCIAL PLAN
The revenues and expenses in the attached schedules
agree with the City's financial plan except that the adopted
new capital budget levels, and adopted financing option
assumptions have affected debt service charges and real
property tax revenues.
FORD & LIBRARY 938870
SUMMARY OF FINANCIAL PLAN
(in Millions of Dollars)
City Fiscal Year
1975-76(a) 1976-77
1977-78
A 1. REVENUES
2.
Real Estate Taxes
2,081
3,265
3,234
3.
General Fund (b.) (b.
3,471
4,197
4,422
4.
State and Federal Aid
2,606
4,258
4,369
5.
Other Revenues
234
272
2F.0
S.
Total Revenues
8.392
11.992
12,204
B 7. EXPENSES (excluding debt
service)
8.
Expense Budget
7,479
10,634
10,697
9.
Reserve for Overrun
100
100
7,479
10,734
10,797
10.
MINUS Reductions
- .92
- 462
- 724
11.
Total Expenses
7,387
10,272
10.073
C 12. NET SURPLUS BEFORE DEBT
SERVICE : capital expenditures 1,005
1,720
2,221
(line 6 minus line 11)
Capital ciperiditures
1147
1100
930
D 13. NEEDED FOR DEBT SERVICE -
(See Table B)
1,669
2,190
2,191
E 14.
SURPLUS OR (DEFICIT)
(line 12 minus line 13)
(664)
(470)
30
(a) October June only.
(b) City submission shows MAC debt service deducted from General Fund.
*Assumptions contained in Section I, Introduction.
FORD LIBRARY
CAPITAL BUDGET
(Cash Outlay in Killions of Dollars)
City Fiscal Year
1975-76
1976-77
1977-78
Expense Items
1.
Personal Service
$ 237.1
$ 217.5
$ 197.9
2. Other than Personal Service
111.1
101.9
92.7
3. Fringe Benefits
42.6
39.1
35.6
Lease of Facilities
92.7
92.7
92.7
). Vocational Education
174.9
160.4
145.9
5. Manpower Training
38.6
35.4
32.2
Total
$ 697.0
$ 647.0
$ 597.0
itchell-Lama Housing
$ 209.9
-0-
-0-
Construction
Transit Authority
181.1
169.2
138.1
Environmental Protection
152.9
151.9
126.4
Municipal Services
86.2
35.7
18.8
Education
165.4
75.1
37.9
Other
267.8
156.3
106.6
Total
$ 853.4
$ 588.2
$ 427.8
APITAL BUDGET TOTAL
S1,760.3
$1,235.2
$1,024.8
ffects of Reduction
Expense Items
677.0
605.2
555.2
Construction Items
875.8
481.2
339.3
Plus Reserve
46.3
13.6
34.5
EVISED CAPITAL BUDGET TOTAL
$1,600.0
$1,100.0
$ 930.0
GERALD REFORD LIBRARY
Bond Elections - Nov 4
Defeated
Ohio
$2.75 Billion
Capital Improvements
$1.75 Billion
Transportation & Highways
New York
$250 Million
Low & Moderate Income Housing
New Jersey
$600 Million
Transportation
$112 Million
Human Resources
$110 Million
Water
$ 100 Million
Housing
Virginia
$ 25 Million - Arlington County Metro
Construction Bonds
BRARY
- 2 -
Maryland
$5.75 Million - Baltimore, Md.
Off-Street Parking Bonds
Approved
Maine
$14.5 Million
Maryland
$30 Million - Baltimore, Md. Self supporting
Renewal Areas Housing Bonds.
Ohio
$225 Million
Columbus, Ohio - Sewer, Water -
General Purpose
$ 12 Million - Cincinnati
$10.3 Million - Columbus, Ohio
Parks Recreational and Zoo
General Oligation Bonds
Virginia
$21 Million - Arlington County
Sanitary Sewage Treatment Improvements
GERALD