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ABC'S "WORLD NEWS TONIGHT" SPEAKS WITH MOYNIHAN ON BOND BILL
Published October 8, 1996
The "building binge" of sports facilities was examined by ABC's John Martin on last night's "World News Tonight." Martin examined how tax-free bonds paying for stadiums end up costing taxpayers millions of dollars. U.S. Sen. Pat Moynihan (D-NY): "The Treasury loses $50 million a year and rising, because these are tax exempt bonds even though they are used for a private commercial purpose." Martin cites projects and the "lost taxes over life of the bonds," including the Georgia Dome, where the U.S. treasury lost $141M in taxes the life of the bond; the Ravens new stadium, $40M; Gator Bowl, $39M. Frank Shafroth of the Nat'l League of Cities said, "In some cases a stadium appears to do more to ... make a city a live, vibrant place, than subsidizing a steel factory or a prison or something else." Moynihan: "If you build a stadium, you don't build a school. Indeed, you don't build 50 schools." With nearly 40 public sports facilities planned in the coming decade the loss to the U.S. Treasury over 30 years could hit $1B (ABC, 10/7).