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Greene legislators approve bid for better bonding

Jan 21, 2011 11:48 am
[caption id="" align="alignleft" width="200" caption="Greene County Legislator Forest Cotten, D-Catskill, was the sole member of the county body to vote against a new resolution seeking new rates for its bonds, charging that actual amounts should have been made, and not so much let to the discretion of the county treasurer's office."][/caption]A resolution was passed by the Greene County Legislature on January 19 that would allow the county treasurer’s office to seek lower interest rates on several construction bonds totaling $11.2 million, spurred by county lawmakers hopes to realize new savings... even though new treasurer Peter Markou has noted that the lower rates are not "a sure bet."

Colin DeVries reports in the Daily Mail that the refinancing will include approximately $11,240,000 in bonds for the county’s solid waste facility built in the mid 1990s, Columbia-Greene Community College improvements from the late 1990s, the county office building completed in 2004, road and bridge reconstruction projects, the Greene County Emergency Services fire training center in Cairo, and machinery for construction.

Though it’s unknown how much savings can be realized, New York-based bond firm Roosevelt and Cross Inc. will be in consultation with the treasurer’s office in finding the best rate.
The only “no” on passage of the resolution was from Legislator Forest Cotten, D-Catskill, who said he voted against the resolution because he felt the legislature should approve a specific rate, not simply allow the treasurer’s office to choose one.

The county’s total outstanding principal debt is $25,771,000. The county’s most recent bonds are $12.2 million for the Greene County Courthouse renovation and $421,000 for capital improvements at the Columbia-Greene Community College, including roof reconstruction and plumbing upgrades. Both of those bonds mature in 2028.