New York City Financing Legislation Statement on Senate Action Approving Guarantee Legislation.

Today's action by the Senate represents an historic point in New York's path to economic recovery and financing selfsufficiency.

Earlier this year, the prevailing view was that the long-term guarantee legislation proposed by the administration could never be enacted. The Senate's action today reflects its awareness of the progress the city has made, as well as its recognition that the city's financing problems require a permanent solution that can re store New York to financing self-sufficiency.

The administration remains committed to working in conference to modify certain provisions in the Senate version which we regard as excessively restrictive.