Nonprofit Debt Set In NYC: New Bonding Agency On Tap

The Bond Buyer reports:

New York City Mayor Michael Bloomberg Thursday announced the creation of a new bonding authority that would access the capital markets for nonprofit organizations throughout the city.

Medical centers, charter schools, arts groups, senior housing developers and other nonprofits have been locked out of using tax-exempt bonds and notes for infrastructure needs after a provision that enabled them to issue debt through the New York City Industrial Development Agency was allowed to lapse by the state Legislature in January 2008.

Another scam to loot the taxpayers in an "off the books" manner.