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Control Board Approves County Borrowing

By Joyce Kryszak

Buffalo, NY – The Erie County Fiscal Stability Authority Friday unanimously -- but very reluctantly -- approved the county's request for a $100 million bond. Without the approval, county officials said they would have run out of money by month's end and county government would have come to a halt.

The Control Board initially argued that they could have saved the county $146,000 if the board borrowed the money instead. Control Board Chairman Anthony Baynes says they chose the status quo as the lesser of two evils.

"There are hard workers in this community. There are 7,000 county employees. They did not cause this problem," Baynes said. "This administration caused this problem. The bond rating of Erie County is the lowest in the United States due to the inefficiency of this government."

For now, County Comptroller Mark Polancarz says he's just relieved the Control Board approved the bond request. Polancarz says he looks forward to working with the board on future financial deals.