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
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