Thursday, June 16, 2016

Assembly, Senate pass LDC law

Posted By on Thu, Jun 16, 2016 at 12:18 PM

It looks like Monroe County will be able to move forward with plans to dissolve three local development corporations.

The State Assembly and Senate passed legislation yesterday that allows the county to borrow money to pay off its contracts with the LDC's, which it formed over the years. Legally, the county can borrow money to pay for things such as construction work or new equipment, but it can't borrow money to pay for a service contract. The state legislation provides a one-time exemption to the prohibition. Once the county buys out the contracts, the LDC's can pay off their own obligations, and then they can dissolve.

The three county-linked LDC's that'll be dissolved are Monroe Security and Safety Systems LDC, which the county formed to upgrade and operate the countywide emergency communications system; Upstate Telecommunications Corporation, which it formed to periodically upgrade county office technology; and Monroe Newpower, which it formed to re-power and operate a power plant that provides electricity and steam to Monroe Community College and Monroe Community Hospital.

County Executive Cheryl Dinolfo wants to bring those tasks and assets back under county control. The state legislation still needs to be signed by the governor. 

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