From the NY Post:
Back in 2003, Hizzoner got Albany to borrow $2.5 billion and use the cash to pay off city debts that were coming due over the next five years. The state would then repay those funds in payments stretching over the next three decades.
The bitterest irony is that the $2.5 billion was supposed to be the city's last payments on bonds issued by the Municipal Assistance Corp. to rescue the city from the '70s fiscal crises.
In other words, Bloomberg ensured that taxpayers in 2034 would be paying off expenses incurred by Mayor John Lindsay in the 1960s.