Buffalo's finances are improving to the point it can loan money to other governments. The Common Council yesterday approved a $15.5 million loan to the West Seneca school district.
The money will be paid back October 30 after property taxes have come in. The city will earn more in interest than on most investments and the school district will pay less than a bank loan.
"For the City of Buffalo to be in a position where we can actually put out money and issue tax anticipation notes not for ourselves, but to give them to other people is a testament to leadership in all three branches of the city government," said Majority Leader Demone Smith.
"We have gotten to the point where we can do things like this."
Comptroller Executive Assistant Patrick Curry says the loan will carry an interest rate around half of one-percent when the rate is set, perhaps as early as today. He told the council the additional income to the city will pay the annual cost of a police officer.
