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Story
February 5, 1914
The Bridgeport Evening Farmer
Bridgeport, Fairfield County, Connecticut
What is this article about?
New York Comptroller William A. Prendergast proposes replacing long-term bonds with 10-year corporate notes redeemable via taxes to curb the city's growing debt and ensure current generation pays for permanent expenses. Submitted to Mayor Mitchel on Feb. 5.
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Full Text
PRENDERGAST OPPOSES CITY LONG-TERM BONDS
New York, Feb. 5—A plan for reducing the great additions being made annually by this city to its bonded indebtedness by William A. Prendergast, comptroller, suggests that the city issue corporate notes to be redeemed in succeeding tax levies for a period of 10 years instead of issuing long term bonds as in the past. The plan was submitted to Mayor Mitchel yesterday.
This plan would compel the present generation to pay a part of the expenses of the city for permanent departments to be made in the next 10 years and at the same time lighten its debt incurring power.
New York, Feb. 5—A plan for reducing the great additions being made annually by this city to its bonded indebtedness by William A. Prendergast, comptroller, suggests that the city issue corporate notes to be redeemed in succeeding tax levies for a period of 10 years instead of issuing long term bonds as in the past. The plan was submitted to Mayor Mitchel yesterday.
This plan would compel the present generation to pay a part of the expenses of the city for permanent departments to be made in the next 10 years and at the same time lighten its debt incurring power.
What sub-type of article is it?
Historical Event
What keywords are associated?
City Bonds
Debt Reduction
Corporate Notes
Tax Levies
Prendergast Plan
What entities or persons were involved?
William A. Prendergast
Mayor Mitchel
Where did it happen?
New York
Story Details
Key Persons
William A. Prendergast
Mayor Mitchel
Location
New York
Event Date
Feb. 5
Story Details
Comptroller William A. Prendergast proposes issuing corporate notes redeemable over 10 years via tax levies instead of long-term bonds to reduce the city's bonded indebtedness and make the current generation pay for permanent department expenses.