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will be on this very subject. Go ahead, Mr. Rennie.
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MR. RENNIE: I'm not a financial expert or
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anything of the sort. I can only go back and quote again
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how well this provision has served us over the years. It
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has kept the State debt down and kept it under control. We
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have enjoyed 3-A credit rating all the time, over the years
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and I think when you are dealing with finances from taxes,
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that the fifteen-year restriction is a very good restrictio
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to have.
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I would be against extending the life of floating
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State bonds. Now, what you might do with private bonds,
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that's something else. Those are self-supporting under
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fees, but you will find out you will pay a higher rate on
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those bonds than we pay on our regular State bonds, when
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you go to sell them. I think that is the biggest proof
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of the pudding, that it keeps an orderly, you might say
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short-time turnover. You hear some horrible stories now.
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I don't know whether it is "New York City or New York State
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that is floating a $100,000,000 bond issue for ordinary
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operating expenses.
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THE CHAIRMAN: The city, to fund the pension
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