New York Government
Mitchell devised a type of revenue bond called a “moral obligation bond" while serving as bond counsel to New York’s Governor Nelson Rockefeller in the 1960s. In an effort to get around the voter approval process for increasing state and municipal bond limits, Mitchell attached language to the offerings that indicated the state’s intent to meet bond payments even though it was not obligated to do so. He didn't deny it when asked in an interview if the intent was to create a “form of political elitism that bypasses the voter’s right to a referendum or an initiative”.
Read more about this topic: John N. Mitchell
Famous quotes containing the words york and/or government:
“In Washington, the first thing people tell you is what their job is. In Los Angeles you learn their star sign. In Houston you’re told how rich they are. And in New York they tell you what their rent is.”
—Simon Hoggart (b. 1946)
“The United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written.”
—Franklin D. Roosevelt (1882–1945)