Cuomo: No bonds to cover teacher pensions

ALBANY -- Gov. Andrew M. Cuomo has vetoed legislation to allow school districts to issue bonds to cover teacher pensions and effectively carve out an exception for that cost from property-tax caps in effect next year.

The bonds plus interest would have been paid off over 15 years.

Cuomo said yesterday that families have been forced to cut back and live within their means, and school districts must do the same. The tax cap generally limits school property-tax increases to 2 percent a year, unless 60 percent of voters choose otherwise. Legislative supporters of the bill said some districts will have a hard time in the near term with their growing pension expenses and the tax caps.

-- AP