"We borrowed money, it helped us with bonds and what not, and the Federal Government backed it, but it was a guarantee, it was not a grant. And we not only paid it off, but we paid it off ahead of time"

This quote by David Dinkins is describing the monetary scenario of New York City during his time as mayor. He is discussing that the city obtained money to help with bonds and other monetary responsibilities, and the Federal Government offered an assurance, but not a grant. This indicates that the Federal Government was not giving the city cash, but rather guaranteeing that the money would be paid back. Dinkins is happy to say that not just did the city pay back the cash, but they paid it back ahead of time. This reveals that the city had the ability to handle its finances properly and pay back its debts in a prompt manner. Dinkins' quote is a testimony to the monetary obligation of the city throughout his time as mayor.