County Leaders Floating Bond Notes For a Year, Plan to Borrow Long Term in 2015
Friday, May 23, 2014
Cortland County lawmakers have voted to move forward with borrowing nearly 4 million dollars to fund a project to cap a portion of the county landfill and to pay for 2 years of a 10 year highway improvement plan.
Last night lawmakers issued a bond anticipation note for $1.5 million to fund highway repairs this year in addition they are issuing a note for $868 thousand dollars to pay for the landfill cap. The landfill project cost is is $1.4 million, they county has $545 thousand in a current closure account and will use that to cover the balance the project cost.
The county is spending up to $17 million dollars for a multi-year highway capital plan approved back in 2011. Last year the county spent $1.6 million, that money is also currently borrowed on a bond anticipation note. Lawmakers plan to use the short term bond notes and roll all the notes into a multi year bond by or before February 2015.
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