Printer-friendly versionCBC testifies before the NYC Council Committee on Transportation on its opposition to the Transportation Bond Act of 2005. CBC recommends that voters oppose the Bond Act and that the State pursue constitutional debt reform and modern constitutional limits that would: 1) Establish a new debt limit based on the concept of affordability as determined by an independent Debt Policy Committee; 2) Apply the limit to all forms of state-backed debt, including such bonds issued by authorities; 3) Eliminate the need for voter approval within that limit; and 4) Restrict the use of borrowed funds to true capital investments.
