SEPTEMBER 15, 2008

COUNTY LEGISLATURE OVERWHELMINGLY APPROVES REQUEST TO ISSUE $91 MILLION BOND ANTICIPATION NOTE

The Erie County Legislature voted 14-1 the County Executive's request that the county executive issue a declaration of need for a $91 million bond anticipation note at its September 12 session.

The County Legislature approved asking the Erie County Fiscal Stability Authority to issue the one-year bond anticipation note (BAN) to pay for major road and other infrastructure projects. It is projected that the county will save about $233,000 if the control board conducts the borrowing of the BAN. The 2007 and 2008 projects included in this funding include work at the Buffalo Zoo, Erie Community College, the Erie County Botanical Gardens and Ralph Wilson Stadium.

"The County Legislature acted prudently in supporting this request so the Erie County Fiscal Stability Authority can approve and sell these bonds as soon as is possible," County Legislator Kathy Konst (D-Lancaster Elma), Chair of the Finance and Management Committee, said.

"There are many extremely important road and infrastructure projects from the 2007-2008 work list that need to be performed, and I am pleased that with the action. We are moving along the process," County Legislator Robert B. Reynolds Jr. (D-Hamburg, Evans), Vice Chair of the Finance and Management Committee, said. "County residents depend on the roads and building to be repaired and maintained."

"We realized that, in the end, this was the route we had to take to move along these projects and get them funded. These are 2007-2008 projects, and we had to break the impasse and get them approved," County Legislature Chair Lynn M. Marinelli (D-Buffalo, Tonawanda) said. "We are going to have to continue to work on this project funding situation. The action buys us a year to develop a prudent, long-term funding solution."

The Erie County Fiscal Stability Authority will consider the BAN application at is Monday, September 15, meeting.

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