The finance staff of the New York State Senate requested yesterday that New York City officials ask outside financial advisers to evaluate what savings, if any, the city will realize if it sells more of its debt through competitive bid rather than by negotiated sale.

This request came in the wake of a meeting yesterday afternoon between Abraham M. Lackman, the Senate's director of fiscal studies, and city finance officials. The meeting was held because the Senate failed to renew the city's authority to issue debt by negotiated sale, which the Assembly already passed. The city's negotiated borrowing authorization must be approve each year by state lawmakers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.