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Poloncarz issues declaration of need on ECFSA borrowing for 2017 capital bonds

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Thu, May 4th 2017 03:35 pm

County executive requests immediate consideration and approval from legislature; cost savings expected as ECFSA secures better borrowing rate

Erie County Executive Mark C. Poloncarz issued a formal declaration of need on Thursday, requesting the Erie County Fiscal Stability Authority sell bonds on behalf of Erie County for the county's 2017 capital program. The declaration of need, which would fund a number of county sewer and other infrastructure improvements, calls for the ECFSA to borrow $38.5 million for county capital projects.

Poloncarz said, "By issuing this declaration of need, we are working with the ECFSA to secure a better deal for Erie County taxpayers as we conduct critical infrastructure work around the county. My administration remains committed to careful stewardship of county finances while continuing to efficiently provide the basic governmental functions of improving our roads, facilities, parks, historic places and more. Because the ECFSA will be going to market to issue bonds for ECMC later this year, it makes sense to combine the ECMC borrowing with our capital borrowing to reduce the transactional costs from two to one. This way we ensure both ECMC and Erie County get the best deal possible by splitting the costs of issuance."

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