As New York lawmakers patted themselves on the back for passing 811 bills in the 2008 legislative session that ended last month, the muni bond community watched as legislation pertaining to industrial development agency borrowing, public authority reform, an expansion of tax increment financing, and property tax caps got nowhere.

State senators introduced 7,694 bills this session and passed 1,839. Assembly members introduced 10,444 bills, of which 1,152 passed. Clearly it's far easier to introduce legislation than it is to get it passed.

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