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LOCKPORT – The city, whose finances are rated as “moderately stressed” by the State Comptroller’s Office, is planning to seek advice and perhaps money from a state agency.

At a work session Wednesday, the Common Council decided to vote next week on applying to the state Financial Restructuring Board for help. Council President Anne E. McCaffrey said the city could be eligible for up to $5 million in grants or loans by virtue of its state rating.

“If we don’t get the aid, we can still get their advice,” Alderman Patrick W. Schrader said.

The 2014 city budget laid off 16 workers.