Word: netzer
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...Elsewhere reaction was mixed, although few expected compensation lawsuits to bankrupt public treasuries. Confiscation is difficult to prove, and even where it is established, many judges remain reluctant to award significant damages. "As long as we leave the property owner with a reasonable use for the property," says Gary Netzer of the Los Angeles city attorney's office, "the courts still haven't ruled that it is a taking...
...federal aid could "conceivably come too late," Netzer said. The Proxmire-Stevenson bill, which would guarantee the city's loan, was approved yesterday by the House Banking Committee and is now awaiting consideration by the full House...
...Netzer said the end result of such legislation remains "very questionable" because of the many pre-conditions that are expected to be attached to the loan guarantee...
...only will the state have to pass taxes to cover half of the city's estimated deficit--present holders of outstanding debts must agree to roll over to long-term obligations payable at lower interest rates, and unions must agree to reforms leading to lower pension costs," Netzer said...
...Netzer said he believes, however, that there is room for substantial cuts in the city's budget and that the impetus for making difficult budget choices may come from "tough" restrictions accompanying the loan guarantee...