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Comptroller at Odds with Control Board over County Bonds

March 28, 2008

Mike Desmond

BUFFALO (2008-03-28) Erie County's cash borrowing may be delayed again, with Comptroller Mark Poloncarz and the County Control Board again at odds over selling bonds to finance a wide array of county projects.

The dispute has been underway for almost a year, a time so long that county officials are are now planning a borrowing for this year on top of the borrowing for 2007.

The comptroller says there are legal reasons why only he can borrow the money now, not an interlinking of the two as most recently agreed to.

Control Board Chairman Anthony Baynes says he will be in New York City on Tuesday, going forward with the bond sale.

"Mr. Poloncarz's bond rating is the lowest county bond rating in the USA. The control board has one of the highest bond ratings in the USA. So it's a no-brainer, for them to stall and play games is unconscionable to the taxpayers and the citizens of Erie County," said Baynes.

While the talks about the bond sale have been dragging on, Poloncarz has been pre-financing projects until the county does borrow the cash.

Copyright 2008 - WNED

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