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Bond Financing Approved for Capital Projects

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Bond Financing Approved for Capital Projects

Tuesday, October 18, 2016

Through six separate unanimous votes, Legislators authorized the issuance of up to nearly $4.7 million in serial bonds and notes to finance County capital projects. The projects include several bridge repair/replacement projects, including the Ludlowville Road Bridge project in the Town of Lansing and the South George Road Bridge project in the Town of Dryden; road and highway system reconstruction and improvements; capital improvement projects at various County facilities; and a improvements to the existing bus stop, driveway, and parking area at the County Health Department building.

County Administrator Joe Mareane noted that all projects were approved last year, during the 2016 budget process, as part of the five-year capital plan, with the exception of the Ludlowville Road bridge project, which is recommended for the capital plan as part of the 2017 budget process. The authorization anticipates approval of that project by the Legislature next month. If that did not happen, he said, the borrowing would not proceed and the Legislature would be asked to rescind the resolution. Likewise, Mareane said bonding for the Health Department project would not proceed until details of that project, now being discussed with Tompkins Consolidated Area Transit, are finalized.