- The Washington Times - Tuesday, October 2, 2001

NEW YORK (AP) New York City offered $1 billion in bonds for sale yesterday to start paying for the aftermath of a terrorist attack.
The short-term bond offering will pay for such things as debris removal and unemployment insurance for workers who have been put out of work by the World Trade Center collapse.
In a preliminary estimate last week, Senate aides said it would cost about $39 billion to clean up from the Sept. 11 attack and rebuild the city. Washington has pledged at least $20 billion.
House Speaker J. Dennis Hastert, after a tour yesterday of the trade center ruins with 108 other members of Congress, said no one can know how much the recovery effort will cost.
"We don't know if that's the iceberg or the tip of the iceberg," Mr. Hastert said.
House Democratic leader Richard A. Gephardt, who also participated in yesterday's tour, called the damage "incomprehensible."
"It is the face of evil, and it's hard to understand how people can hate other people as much as obviously has happened here," he said.
Fire Department Chaplain Alfred Thompson said more bodies have been discovered in the past 21/2 days than in the previous 10. The movement of some larger beams in the wreckage has helped workers locate remains, he said.
"We're finding a lot of stuff in there. It's not a happy sight," said construction worker John Yannucci.
He said crews were hampered by hot spots in the still-smoking ruins.
As of yesterday, city officials said 5,219 persons were missing in the terrorist attack, while 344 were confirmed dead and 289 dead were identified.
Mayor Rudolph W. Giuliani said at the United Nations that the World Trade Center was targeted because of the diversity of the city's population and the openness of American society.
Citizens of 80 nations are among the presumed victims, he said.
"On one side is democracy, the rule of law; on the other is tyranny, arbitrary execution and mass murder," Mr. Giuliani said. "We're right and they're wrong. It's as simple as that."
Investors buying the city's bonds face low risk because New York has been guaranteed federal relief money, said Robert Kurtter, an analyst at Moody's Investors Service.
"They'll sell like hot cakes," said Jay F. Donnaruma, an investment analyst with Paine Webber.
Since the one-year bonds are exempt from city, state and federal taxes, their yield will be comparable to or better than certificates of deposits available through banks, Mr. Donnaruma said.
Tomorrow, President Bush will make his second trip to New York since Sept. 11. He has been concerned about the effects of the attack on children and plans to visit a school, spokesman Ari Fleischer said.
The director of the Federal Emergency Management Agency, Joe Allbaugh, said he would also visit the city to address "quite a few problems" with the cleanup effort. He did not explain what they were.
"This is going to take months it's going to take three to four months just to get to the ground level," Mr. Allbaugh said. "This is going to be better than a year to resolve this debris problem at the site."

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