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Today, 11 cents of every dollar in fares is used to repay bonds.
By every standard measure financial institutions use to judge municipalities' ability to repay bonds, Greenwich is off the scale.
The remaining 10% would go to repay bonds worth $1.56 billion raised by Referendum D; these will be used mainly to improve Colorado's roads, bridges and schools.
That allows the funds to be pledged to repay bonds and thus allow Metro to borrow more easily on financial markets.
Paying with cash instead of shares could require around $1 billion to repay bonds that fall due in November and March.
Another option is a straight "rollover", in which Greece would repay bonds as they matured and then immediately borrow the money back.
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Stay away from bonds that depend on lease revenue, hospital revenue and revenue from nursing homes or housing developments to repay bond holders.
The money used to repay bond holders comes from tax revenues, which are being squeezed because of a weak economy and runaway big government.
Most states spend less than 4 cents of every general fund dollar repaying bonds.
Under the capital plan, the amount of each fare dollar that goes to repaying bonds would increase to 23 cents in 2004 from 11 cents today.
Mr. Pataki said today that he did not know how the state would pay for these programs once the current health-care law expires on June 30 if some of the tobacco revenue is dedicated to repaying bonds.
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