The County Executive must move this process forward and issue the Declaration of Need, a necessary step to allow the Control Board to
borrow on behalf of the county.
The County Executive's request granted the Erie County Fiscal Stability Authority to
borrow on behalf of the County.
I would request that the Legislature return to a special session and allow the ECFSA to be prepared to
borrow on behalf of the County and take politics out of the people's business,» Legislator Ray Walter, R - Clarence said.
Not exact matches
Because
of the lack
of competing bond offerings, he said, the Erie
County control board, which was
borrowing money
on the hospital's
behalf, received an excellent interest rate.
Just last month, the Legislature unanimously approved a resolution allowing the ECFSA to
borrow on behalf of the Erie
County Medical Center; saving an estimated $ 118 million compared to if the
County borrowed the money.
After the rapid decline in Erie
County's credit ratings following the «Red - Green» Fiscal Crisis, the
County had opted to allow the Erie
County Fiscal Stability Authority to
borrow on its
behalf because
of the interest savings associated with their superior credit rating.
«It would be as if you
borrowed on behalf of someone else for their mortgage, but the mortgage was paid for by the other individual, so Erie
County does not pay for the debt service associated with the
borrowing.
Rath and the rest
of the Republican - supported majority expressed concerns about the legality
of the arrangement, particularly the part that would require the hospital to essentially pay Erie
County an upfront fee in exchange for
borrowing on the hospital's
behalf.