Poloncarz Says It's Time for County to Borrown on Its Own
Buffalo, NY (WBEN) Erie County Executive Mark Poloncarz says the county must begin to borrow money on its own again. He's asking the comptroller's office to set up a bond issue for two projects.
"We'll be doing $33 million in general obligation funds," says Poloncarz. "$29 million for our various projects, including roadwork and bridges. $4 million will go toward work in the sewer districts." Poloncarz says this is another step away from the red/green budget from ten years ago. "This is an important step because if the county is to put in a lot of money toward a new stadium or retrofit stadium, it would require the county to bond for a significant amount of time, 30 years or greater."
Poloncarz says the control board must be in existence for the life of any bonds. He says that's already in place for the next 10-15 years, and "it's not appropriate for a control board to stay 30 years later for something that was done ten years earlier." That's why he's instructing Comptroller Stefan Mychajliw to issue the bonds.
"It's a win for the people of the county, and it's a win for the entire community," says Poloncarz. "Erie County is sending a message its finances are stable, the county is able to issue bonds on its own, and this will in the long run ensure Erie County is able to what it needs to do in the event a new stadium needs to be built."