LOCKPORT – More than a month after an emergency borrowing bill for the City of Lockport passed the State Legislature, Gov. Andrew M. Cuomo has yet to act on it.
The bill authorized the city to issue 10-year bonds for up to $5.35 million to pay off accumulated deficits. In exchange, the city has to have all its major financial moves approved by the State Comptroller’s Office, which suggested the deficit financing. The Comptroller’s Office will determine the exact amount to be borrowed.
Mayor Anne E. McCaffrey said Friday that she hopes two actions this week might produce final approval of the bill. Tuesday, the city sent in its formal response to the latest state audit of the city’s books.
Also, the city made a submission for advice and possible grant funding to the state Financial Restructuring Board for Local Governments, following up on a resolution the Common Council passed Dec. 18. The board offers grants or loans of up to $5 million, but the recipients must follow all of the board’s recommendations to get the money.