An engraving of the opening race at Jerome Park on June 8, 1868. For 135 years, New York City has been dutifully paying 7 percent annual interest on bonds which financed construction of a road to the park, now a reservoir in The Bronx. On March 1, the owner of one of them is entitled to come forward and collect its face value: $1,000Anyone who has failed to keep track of a winning lottery ticket for all of 12 months may want to consider the efforts of 39 bondholders who have been safekeeping valuable, tissue-thin, New York City securities since shortly after the Civil War.
Next month, one of the bonds, issued in 1868 and thought to be one of the oldest active municipal bonds in the country, will come due. And the city stands ready to retire the debt incurred when Winston Churchill’s grandfather came up with the idea of building a road to one of the nation’s first racetracks, which he had opened in what is now the Bronx.
For 135 years, New York City has been dutifully paying 7 percent annual interest on the bonds, which financed construction of the road. On March 1, the owner of one of them is entitled to come forward and collect its face value: $1,000. Read more..
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