A billion-dollar state borrowing program will soon have to pay back bondholders, with $81 million budgeted this year
Debt and Taxes
When New York State borrows against personal income tax payments, the banks that put together the bonds, known as underwriters, effectively collect a fee for the service. That fee is often shared with other firms dealing in the bonds, and firms do not have to disclose how they divide the total. But the “lead underwriter” […]
Bonds borrowed against income tax receipts fueled state borrowing binge, with bills now coming due