Bob Hennelly
WNYC's Bob Hennelly is an award-winning investigative journalist. While at WNYC he has reported on a wide gamut of major public policy questions ranging from immigration and homeland security to power outages and utility mergers.
Senate Inaction May Impact Bond Market
Thursday, July 02, 2009
New York, NY –
The mayor has been clear that inaction by the state Senate on several tax bills means a loss of sales tax revenue for the city. But as WNYC's Bob Hennelly reports, it also may affect the way the city raises capital in the bond market.
The trade publication The Bond Buyer reported this week that a required state authorization is hanging in limbo and leaves the city unable to sell bonds through so-called private negotiation. It can still raise capital through bonds but only in the competitive market. Still, the privately negotiated sales drive interest and confidence in the bonds. And spokespeople for both the mayor and the comptroller say losing the private option may reduce the demand for city bonds in the competitive market. The first sale since Albany’s stalemate should come some time later this summer.
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