$1 million bill coming due for streambank

Schoharie County’s stream bank chickens are coming home to roost.
County Treasurer Bill Cherry told supervisors Friday that without reimbursement from the federal Natural Resources Conservation Service for the long-troubled project, $8.5 million in short-term borrowing runs out in November.

Rolling that financing from Bond Anticipation Notes—which are only good for five years—over into serial bonds will cost the county $1 million a year in payments, Mr. Cherry said.

That’s in addition to existing debt—plus, BANs on an additional $15 million supervisors borrowed for the work, expected to be reimbursed by NRCS, will expire in 2020 and could add another $2 million to annual costs.

Times Journalonline

Read More…

 

Find Bids