New York City is seeking authority to borrow possibly as much as $7 billion if necessary to make up for the revenue lost because of the coronavirus pandemic./Reuters
New York City is seeking authority to borrow possibly as much as $7 billion if necessary to make up for the revenue lost because of the coronavirus pandemic.
Senator Liz Krueger, chair of the state senate's finance committee, introduced a bill Monday that would authorize the city's Transitional Finance Authority to issue debt to make up for the projected loss through mid-2021.
The TFA, which issues bonds backed by city income-tax revenue, was previously authorized to borrow for costs arising from the Sept. 11 terrorist attacks.
Source: Bloomberg