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- W1567669270 abstract "This Comment describes how New York City abused both its short-term and long-term borrowing powers in response to its financial problems. The Comment concludes that New York City is guilty of fiscal practices that underscore the conclusion that constitutional debt ceilings are phantom regulations of municipal debt incurrence. The authors encourage thorough and decisive reform, and commend the Association of the Bar of the City of New York’s proposed Local Finance Article. THE CONSTITUTIONAL DEBT LIMIT AND NEW YORK CITY During the 1961-1975 fiscal period, New York City's governmental and financial obligations increased more rapidly than its available financial resources.' Since the difficult political choice of raising taxes or reducing services to appropriate levels was shunned by city officials,' budget deficits grew annually.3 To close these gaps and 1. [19761 MUNICIPAL ASSISTANCE CORPORATION FOR THE CITY OF NEW YORK, ANNUAL REPORT 8, at 4-7 [hereinafter cited as [1976] MAC REPORT]. 2. Shalala & Bellamy, A State Saves a City: The New York Case, 1976 DUKE L.J. 1119, 1122 [hereinafter. cited as Shalala & Bellamy]. In 1965, Mayor Robert F. Wagner declared in his budget message that he did *not propose to permit [the city's] fiscal problems to set the limits of [its] committments to meet the essential needs of the people of the By 1975, fourteen percent of New York's citizens were on welfare. In addition; the City supported nineteen municipal hospitals, free tuition at the City University, day care centers, foster homes, and many other public services. As a result of attempted income redistribution, much of the tax base was also redistributed causing businesses, and therefore jobs, to leave the city. Auletta, Who's to Blame for the Fix We're In, NEW YoRK MAGAZINE, Oct. 27, 1975, at 29, revised & reprinted in K. AULETrA, THE STREETS WERE PAVED WITH GOLD (1979). ," @default.
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- W1567669270 date "1980-12-31" @default.
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- W1567669270 title "The Constitutional Debt Limit and New York City" @default.
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