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New York / Interest Bearing Notes / Moral Obligation / Public Housing #36161

ABC Evening News for Monday, Mar 10, 1975
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(Studio) In New York, state hsing. financial agency plans to raise money for various dvt projects by putting interest-bearing notes on sale tomorrow. Action to be watched with interest; reasons given.
REPORTER: Harry Reasoner

(NYC) When Nelson Rockefeller governor, he asked state legislature to put moral obligation behind bonds to build projects. Legislation created Urban Dvt Corp.; banks went for idea, buying more than $ million worth of bonds for UDC projects. Nearly 200 projects were underway when UDC defaulted on $135 million of notes due. Banks cut off credit and whole issue now back with legislature [President Standard and Poor's Corporation Brenton HARRIES - thinks whole credibility of legislators under attack.] Last week, legislature scraped up $90 million to keep building projects going for 60 days. [Chrm designate UDC Richard RAVITCH - says 20,000 units of hsing. under construction; most have federal subsidies. If legislature hadn't approved $90 million, contracts would have abandoned construction.] Whole concept of moral obligation bonds for public hsing. in jeopardy; same idea adopted in at least 17 other states.
REPORTER: Gregory Jackson

Jackson, Gregory;
Reasoner, Harry

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