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Mark C. Poloncarz, Comptroller
05/20/09
POLONCARZ COMMENTS ON COUNTY RECEIPT OF BORROWING PROCEEDS

Erie County Comptroller Mark C. Poloncarz today commented following the Erie County Fiscal Stability Authority's ("ECFSA") closing of a sale of bond anticipation notes ("BAN") to facilitate and finance Erie County's ("County") 2007, 2008 and 2009 capital infrastructure projects.

"I am delighted to report that this morning the County received $103.5 million in proceeds from ECFSA. This money is urgently needed to finance and allow the County's 2007 and 2008 capital projects to either continue, or in many cases, start-up" said Poloncarz.

Poloncarz also noted that the BAN proceeds will enable some 2009 County projects to also start.

"After nearly two and one-half years (2 ½) in which no County borrowing for important construction projects was able to be conducted, resolving this financing issue in the interim was critical for vital road, bridge, building, and public safety communication projects to move forward" noted Poloncarz.

He concluded: "The receipt of the proceeds means projects will advance and capital vendors will get paid."

Among the many projects to be financed with the BAN proceeds are: