The Erie County Legislature this week unanimously approved a resolution that urges County Executive Mark C. Poloncarz to take steps to ensure that the county is borrowing at the cheapest rate possible.
The resolution, sponsored by Majority Leader Joseph C. Lorigo, C-West Seneca, requests that Poloncarz issue a declaration of need so that the Erie County Fiscal Stability Authority can issue 2015 revenue anticipation notes on the county’s behalf. Historically, the control board has had a higher bond rating than the county Comptroller’s Office, which otherwise does the county’s borrowing.
Despite passage of the resolution, the county executive ultimately decides which option to take.
“We are encouraging him to issue the declaration of need because, without it, we can’t borrow through the (control board), even if it is the best option,” Lorigo said.