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Greene County borrows $20 million
Feb 02, 2012 1:41 am
Ariel Zangla in The Daily Freeman reports that Greene County lawmakers will borrow up to $20 million to pay for repairs to the county’s infrastructure as a result of Tropical Storm Irene. At a special meeting Wed., Feb. 1, the Legislature voted to issue $20 million in bonds. The Federal Emergency Management Agency should reimburse 75 percent of costs to municipalities under a disaster declaration, and the state should cover another 12.5 percent of those costs. “We’re going to have a cash flow problem,” County Administrator Shaun Groden said. “So, this whole issue right now is just to get us through cash flow issues. As soon as FEMA makes reimbursements to us, we use that money to pay down these bonds and hopefully by year end, they go away.” Read the full story in The Daily Mail.