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Felt made the statement at the board of legislators meeting Monday in Canton.
The legislators need to know that we’re in a state of needing cash, and it’s been building for a long time and this is the point when you need to do something about it and you need to borrow to keep going.
The announcement comes as the St. Lawrence county legislature is planning a public meeting Monday the 29th where they’ll discuss the possibility of overriding the new 2% property tax cap.
But Felt says this isn’t about the cap—it’s much more immediate:
Overriding the cap is what’s needed next year. But as for borrowing money, we’re at a point where our obligations are higher than they used to be, and our revenues aren’t there compared to what they used to be. That we needed to find some way to make it though this year in terms of cash.
Felt says although the County’s budget for this year was balanced when the year began, money’s just not coming in as it should—including $1.7 million the state of New York owes the county for Medicaid.
And he says even if those who owe the county aren’t paying, it still has to provide services.
The bonds will pay between one and 3.5% interest—and will likely be issued about two months after the county submits paperwork for them.