Local governments in need of the credit that will allow them to complete infrastructure projects or make equipment purchases have found themselves at the mercy of the global credit crunch.
Tom DiNapoli, New York state comptroller, said recently that the disruption in credit markets means local governments are going to have to be creative and resourceful when it comes to preparing for the effects of the credit crunch.
''These are tough times, and local governments face hard choices,'' DiNapoli said. ''Local officials will have to reevaluate their cash flow needs and pay very close attention to movements in the market.''
