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Article: Budget division says some NYS authorities must improve process of selecting firms. (New York State bonding agencies, investment banks)
- Article from:
- The Bond Buyer
- Article date:
- December 17, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Amid charges of mismanagement and abuse at public authorities in several states, the New York State budget division last week criticized the financial practices of some of the New York's bonding agencies, while commending the policies of others.
In a wide-ranging report - the first of its kind, according to state officials - the budget division recommended significant changes in the way some state authorities issue bonds and manage other authority business.
In the past three years, New York State authorities - some of the most prolific debt issuers in the nation - have sold 302 tax-exempt bond issues totaling $33.6 billion, the report says. Two ...