Carlucci, Jaffee, and Zebrowski Introduce Debt Relief Bill For Rockland

Measure includes strong state comptroller oversight

Assemblymembers Kenneth Zebrowski and Ellen Jaffee along with State Senator David Carlucci have introduced a bill that will allow Rockland County to issue up to $80 million in bonds to pay off its deficit for the fiscal years 2010, 2011 and 2012. This bill entitled the Rockland County Deficit Financing Act will require strict oversight by the New York State Comptroller.

The state legislators co-authored the bill in response to the county's home rule request for authorization to finance its projected accumulated deficit. The bill authorizes the county to issue bonds on or before December 31, 2013 not to exceed $80 million in order to cover its projected deficit in the general fund.

The bill requires the county to submit the proposed budget, as well as quarterly revenue reports, to the state comptroller every year until the bonds are paid off, for a maximum period of 10 years. The state comptroller will examine each proposed county budget and then make recommendations to the county. Any recommendations by the comptroller shall be binding upon the County.

The bill requires a home rule request be passed by the county legislature at Tuesday's meeting in order to be taken up by the state legislature before its session ends. The legislature meets at 7 p.m.

County officials recently asked state officials for the abiliity to bond for up to $95 million.  Zebrowski first proposed stringent state oversight of any county bonding in May.  

Steve Dash June 19, 2012 at 02:46 AM
He spends too much time worry about the Indian Day parades in New City!
Bob June 19, 2012 at 10:30 AM
Start collecting the taxes the Palisades Mall owes us!
Richard June 19, 2012 at 10:39 AM
You've got Vanderhoff to thank for the country deficit. They are trying to finance the debt he ran up. They are wiping HIS ass.
Andrew June 19, 2012 at 01:11 PM
What a bunch of crap, floating Bonds (borrowing more), to cover today's deficits. BORROWING ONLY MAKES SENSE IF ITS USED TO BUY OR BUILD A PRODUCTIVE ASSET. For government, that means if you're borrowing to build say a hyrdo-electric dam to generate electricity your power authority would then sell, or to build a Toll-Road....etc. To BORROW more to fund today's deficits just to keep paying Govern. Employees their mega-millions pensions and to not punish Vanderhoff for his 'outta control past spending', is AS*ININE, as now there will be even bigger deficits in the future, when bonds must be repaid AND outta control Gub'ment Spending has not yet been cut. ROCKLAND COUNTY OF GREECE ITS BECOME.
Chuck Borgman June 19, 2012 at 07:28 PM
How many millions in principal and interest will have to be paid out of tax revenues in each year to fund this bond ? It's that much less to fund operations which means one thing. More tax increases to cover it.


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