Ranzenhofer asks ECFSA to Save Taxpayers Money

A RESOLUTION TO BE SUBMITTED BY LEGISLATORS WEINSTEIN, MILLS, RANZENHOFER

RE: REFINANCING OF TEN COUNTY BONDS

WHEREAS, the confidence in county government has been at an all time low for over two years resulting in a control board, the Erie County Fiscal Stability Authority (ECFSA) and,

WHEREAS, According to Moody's Investors Service Erie County has the lowest bond rating in New York State and is tied for the lowest bond rating in the nation, with 13 other counties none of whom has a population exceeding 75,000 and,

WHEREAS, New York State legislation enables Fiscal Stability Authorities to refinance bonds with permission of the local legislative body and,

WHEREAS, The City of Buffalo's Fiscal Stability Authority has refinanced bonds on behalf of the city enabling the city to save $1.83 million and,

WHEREAS, The Erie County Fiscal Stability Authority has a borrowing rating higher than the City of Buffalo Fiscal Stability Authority and,

WHEREAS, The ECFSA has identified ten bonds which are eligible for refinancing and will save the Erie County taxpayers $4.1 million dollars over the next 13 years and,

WHEREAS, Section 3964 of the ECFSA Act states that the ECFSA will be present until 2039 to receive and distribute tax intercept revenues and,

WHEREAS, whether or not the ECFSA issues bonds their presence does not extend past 2039 and,

WHEREAS, currently the ECFSA has a bond rating seven levels above Erie County according to both Moody's and Fitch's and once the county finances are stabilized the ECFSA will move into an advisory capacity again, thereby being less expensive to operate,

NOW THEREFORE BE IT

RESOLVED, The Erie County Legislature requests that the ECFSA refinance the ten bonds that it has identified for an aggregate savings of $4.1 million dollars and be it further,

RESOLVED, that certified copies of this resolution be forwarded to Governor Eliot Spitzer, New York State Comptroller Thomas P. DiNapoli, the WNY State Delegation, Erie County Executive Joel A. Giambra and Erie County Comptroller, Marc Poloncarz

Fiscal Impact: Positive for Erie Country

Back to District 4 Homepage