TITLE

Financial circles wary of spending cap

AUTHOR(S)
Miller, Jay
PUB. DATE
May 2006
SOURCE
Crain's Cleveland Business;5/15/2006, Vol. 27 Issue 20, p3
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article focuses on the proposed Tax and Expenditure Limitation (TEL) constitutional amendment in Ohio. Many lawyers and investment banker are worried that the amendment might complicate the market for municipal bonds issued by public entities in Ohio. Joseph O'Keefe, a municipal bond rating analyst with the firm Fitch Ratings in Chicago, Illinois, said that how much interest rates might rise for issuers of municipal bonds in Ohio will depend on exactly how restrictive the TEL would be. The TEL amendment would set a cap on any annual increase in spending by state or local governments of 3.5% or the rate of inflation and population growth, whichever is greater.
ACCESSION #
21027730

 

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