The State Senate completed passage this morning of the $5.35 million emergency borrowing bill for the City of Lockport.
The city will use the borrowing authority to sell bonds to be used to pay off deficits that accumulated from 2011 through 2013. The city will be paying off the bonds for 10 years.
“This bill will allow the City of Lockport to get on a better financial footing and I’m glad we could get it passed for them,” said the sponsor, Sen. George D. Maziarz, R-Newfane.
The Assembly passed the bill by a 121-7 vote last night. The bill was sponsored there by Assemblywoman Jane L. Corwin, R-Clarence.
The bill now awaits signature by Gov. Andrew M. Cuomo. The State Comptroller’s Office, which recommended the deficit financing last Friday to Lockport Mayor Anne E. McCaffrey, will be reviewing all budgets, borrowing and major purchases by the city for the next 10 years.
The Comptroller’s Office will determine the exact amount of the bond issue.
McCaffrey has said the city would run out of money to pay its bills this summer without the borrowing authorized by this bill.