By Joyce Kryszak
Buffalo, NY – State lawmakers passed a law this week that would allow Erie County to do its own borrowing, without permission from the Erie County Fiscal Stability Authority. The Erie County Comptroller said he is hoping the governor will sign the law and clear the way for much needed road work.
The Control Board has refused to allow the county to do its own capital borrowing. It said it could get a better bond rating and save taxpayers money.
But county officials and lawmakers say the difference was not great enough to warrant locking in the control board for the life of the bonds. State lawmakers this week agreed.
They took away the control board's power to veto the borrowing, as long the county has favorable ratings. Comptroller Mark Poloncarz said this is what lawmakers intended all along.
The governor still needs to sign the bill into law. He has ten days to take action.
Poloncarz said he met with ratings agencies this week that also are eager to see what the governor decides. He said it could further bolster the county's bond rating.
If the law is approved, it would end a year-long stalemate that has held up tens of millions of dollars of road work and other repairs throughout the county.
Before the law was passed, the control board authorized doing the borrowing on its own. The head of the control board could not be reached for comment.
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