ALBANY (AP) -- New York Comptroller Thomas DiNapoli says he won't let the Legislature borrow from the state pension fund as part of a gimmick unusual even by Albany standards.
The proposal under discussion in recent days would let state and local governments borrow $6 billion from the public worker pension fund in order to make their required payments to the same fund. Supporters say that would be less expensive than borrowing on the open market and would avert painful cuts or tax increases.
Those required contributions increased dramatically over the past several years as the pension fund's investments were hit by Wall Street's meltdown.
The borrowed money would be paid back with interest starting in 2013.
DiNapoli, the fund's sole trustee, says Monday he won't allow it.
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