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Erie County Executive Mark C. Poloncarz will ask the county's state-appointed control board to conduct short-term borrowing for the county again this year.
Poloncarz on Friday submitted the paperwork to the Erie County Legislature that is the first step to asking the Erie County Fiscal Stability Authority to borrow up to $75 million on behalf of the county to help cover expenses during low cash-flow periods before the end of the year.
The stability authority, which has superior credit ratings from the Wall Street rating agencies, can borrow money at lower interest rates than the county can.
Legislators earlier this summer held off on approving the short-term borrowing until they had assurances that the county executive would ask the stability authority to conduct the borrowing if it could do it at a lower cost.
Poloncarz, in a written statement issued Friday evening, said the stability authority could borrow the money through a mirror bond transaction for approximately $50,000 less than the county could. He has asked legislators to approve his request at their next meeting Thursday.
The county relies on short-term borrowing almost every year to cover expenses before some types of revenue arrive. The money is paid back within a year.