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E-M:/ NY City Comptroller: Don't use tax exempt bonds for coal plants

Don't use tax-exempt bonds for coal plants: N.Y. official
Mon Jun 16, 2008 8:29pm BST

WASHINGTON (Reuters) - Building coal-fired power plants has "significant and unprecedented financial and environmental risks," and construction should not be funded by tax-exempt bonds, New York City's comptroller wrote in a letter released on Monday.

"Though the energy sector constitutes a relatively small percentage of the tax-exempt program, they are clearly among the most costly on a project-by-project basis and fast becoming more expensive," William Thompson wrote to the U.S. Treasury Department in a letter dated June 6.

Thompson called on the federal government to investigate how tax-exempt bonds are used in building the plants because current plans are "based on outdated assumptions and a suspension of disbelief that the risks will be managed or wished away."


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