Thursday, June 2, 2016

County closer to dissolving troubled LDC's

Posted By on Thu, Jun 2, 2016 at 1:45 PM

Monroe County Executive Cheryl Dinolfo got the local development corporation legislation she wanted from the Senate and Assembly. The County Legislature will meet at 8:15 a.m. on Friday to vote on a technical measure necessary for the State Legislature to pass the bills.

Under current state law, the county can borrow money to buy or repair property, but not to pay off service contracts. The state legislation would provide Monroe County with specific exemptions to that prohibition so it can pay off service contracts tied to three local development corporations: Monroe Security and Safety Systems Local Development Corporation (M3S), Upstate Telecommunications Corporation (UTC), and Monroe Newpower Corporation.

The legislation is a crucial aspect of Dinolfo's plan to dissolve the LDC's, two of which —  M3S and UTC — were at the center of a recently concluded public corruption trial. 

Republicans Joe Robach and Rich Funke sponsor the Senate legislation, while Democrats Joe Morelle and Harry Bronson sponsor the Assembly measure.  The legislation would allow the county to issue 20-year bonds to pay off the following contracts:
  • An agreement between the county and Monroe Newpower , under which the county buys energy from the LDC;
  • A county public safety communications contract with M3S;
  • A county information technology contract with Upstate Telecommunications.

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