New York's Crisis Could Trigger City Financial Fallout
Urban officials warn a New York City default might spark a broader crisis as cities struggle to borrow and face higher rates. The Ford administration views a default as serious for the nation, though no other city matches New York's financial problems per an Associated Press study and Standard & Poor's.
MENTIONED IN THIS ARTICLE
Associated Press
New York City
New York
Frank Strahsmeier
William R. Hough &Co
St. Petersburg
Fln
Ford Administration
Standard & Poor
Cities in Crisis part one looks at NYC debt load
The Associated Press probes what NYC default could mean for others. It notes NYC bonded debt of 37.7 billion, Chicago 1.2 billion, and per capita debt of 983 dollars equal to 9.4 percent of property value and over 20 percent of income. Pittsburgh follows with 514.9 percent income and 10.3 percent property.
MENTIONED IN THIS ARTICLE
Associated Press
United States
Standard & Poor
New York
Boston
Dallas
Houston
New Orleans
Yana
Visas City
Leveland
Buffalo
Ng BA
St. Louis
Los Angeles
Columbus
Milwaukee
Detroit
Pittsburgh
Tzu
York City
Chicago
Standard & Poor's
San Antonio Faces Higher Bond Costs From New York Crisis
City Finance Director Carl White notes San Antonio's $50 million Public Service bond carries a 7.349 percent rate amid New York’s market fear. He says rates will stay high until confidence returns, raising debt service and potentially limiting services. Councilman Henry Cisneros proposes an advisory committee to guard against fiscal strain.
MENTIONED IN THIS ARTICLE
San Antonio
New York City
City
Carl White
City Public Service
New York
Aele
Cps
White
Henry Cisneros
Sam Antonio
San Antonio Debt Per Capita and Value Ratios Cited
San Antonio reports net bonded debt totaling 88.4 million with a debt per capita of 113.90 and a debt to property value ratio of 2.68 percent. Figures exclude revenue supported bonds from the City Public Service Water Board International Airport and sewer system. Cisneros urges advisory committee inclusion of bankers bond experts labor representatives businessmen and others to craft a revenue plan.
MENTIONED IN THIS ARTICLE
San Antonio
City Public Service
City Water Board
International Airport
Cisneros
Leaders Clash Over New York City Bailout Aid
President Ford and Vice President Rockefeller disagreed on federal aid for New York City's finances. Rockefeller urged Congress to provide short term relief after local budget balance efforts. Ford said it would be unhealthy for the federal government to bail out any city that mishandled its finances over time.
MENTIONED IN THIS ARTICLE
Washington
UPL
Ford
Nelson A. Rockefeller
New York City
Rockefeller
New York
Congress
Also Mentioned on This Page
Part
Joulse Cook
Lee Mitgang
Michael Sniffen
Municipal
New
L.A. Bonds
Tom Jones
SONY
Brooklyn
AI Amces Et Bank
Jcpenney
Jcpenney Catalog
Maccreless
Northwest Center
South Park Mall
Terrell Plaza
Thurs
Saee
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