It took two years, but a $91 million bond finally got the blessing of the County Executive, the County Legislature and the county's Fiscal Stability Authority. For one year. The short-term financing was a compromise hammered out after county officials and the control board locked heads over long-term capital borrowing.
The control board said it could borrow the money for less. But the county feared the control board would have to stick around as long as the 30-year bond.
Lawmaker Kathy Konst heads the Finance Committee. She says the one-year bond is more pricey. But she says the delay was also costly.
She says residents were rightfully demanding the county fix crumbling roads and bridges. She says the county can now also repay itself for cash advances made for critical work that couldn't wait. But she says the one-year bond means the debate will resume next year when the debt has to be rolled over into another bond.
The Legislature approved the measure by a vote of 14 to one, with lawmaker Betty Jean Grant casting the lone nay vote.
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