The New York State comptroller's office this week issued a stinging criticism of Troy, N.Y.'s $35 million lease revenue bond deal, stating that the transaction "does not comport with state law" and is too expensive.

In a nine-page report released Monday, the comptroller's division of municipal affairs termed the Troy Industrial Development Authority's bond deal an "elaborate and purposeful circumvention of state law and policy." The report also says the transaction "is not in the best interest of the taxpayers of Troy."

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