Amsterdam Council May Ok Borrowing $8.3m

The Amsterdam Common Council is set to vote on a resolution authorizing the city to borrow up to $8.3 million to pay off its accumulated budget deficit.

Mayor Michael Cinquanti said he still doesn’t know exactly how much the city will need to borrow, but he wants to get the borrowing process started as soon as possible.

“By passing this resolution we are allowed to borrow up to $8.3 million, but we intend to borrow less than that,” he said.
Gov. Andrew Cuomo, in November, signed the deficit finance bill required to allow the city to borrow enough money to pay off its accumulated budget deficit. Municipalities in New York state are not allowed to borrow money to pay for general fund budget deficits without special legislation from the state.

The Recorder

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