Yale plans to complete new building and renovation projects but it will not be able to issue as much debt for construction projects as it had anticipate.
Dozens of other cities are following a similarly risky script: creating off balance-sheet corporations that are going deeply into debt for showpiece projects, new subway systems, high-speed rail lines and extravagant government office complexes.
Mr. Christie made headlines when he declared he was canceling construction of a tunnel under the Hudson River to halt runaway costs, but he has issued more debt for transportation projects than any of his predecessors.
In exchange, the Port Authority would get to extend its lease until 2050, allowing it to issue long-term debt for capital projects and to attract private investment to the airport, especially by airlines and companies seeking to build terminals.
Running for New Jersey governor in 2009, Chris Christie hammered the Democratic incumbent, Jon S. Corzine, for using "one-shot gimmicks" to balance the budget, called it "unconscionable" to take away property tax rebates and railed against issuing more debt for transportation projects, promising to "start saying no to spending".
Together, Proposition 101, Amendment 60 and Amendment 61 could cost state and local governments billions of dollars, and prevent entities from incurring debt for important projects.
Cantin and Bisaillon had raised more than C$120 million in debt for a project worth no more than C$70 million.
Municipal Electric Authority of Georgia, $254 million of debt securities for Project One and General Resolution Projects Subordinated.
The 500 Startups-incubated company makes money by linking investors with real estate development projects, taking a 2.5% to 3% origination fee on the debt it raises for projects and on equity investments the company takes a cost reimbursement and makes a one-to-two percent management fee.
It was all a smokescreen, because founder Doug Dobell was by all accounts the most generous of enthusiasts and friends, often willing to front money and forgive debts for jazz projects he liked.
