Senate Approves Bill Allowing Hoosick Falls to Issue Bonds
The New York State Senate approved legislation yesterday that will allow the Village of Hoosick Falls to issue bonds for up to $1.5 million to help cover the costs related to cleaning up the town’s PFOA water contamination.
The bill, which passed 60-2, will allow the village to issue bonds through the end of this year for cleanup costs and fees related to negotiating a settlement agreement with the responsible companies.
Hoosick Falls is also authorized to levy annual property taxes in order to pay for the annual debt service on the bonds, which can also be paid through water or sewage charges.
The village will have ten years to pay back bonds.
“We just needed some initial breathing room right now and in the near future so we can get things situated and work towards working on something with the companies,” stated village Mayor Rob Allen.
Mayor Allen explains that if a settlement agreement is reached with the polluters, that money will be used to pay the debt service as well as other expenses.
Unpaid expenses for testing, improvement, legal work, engineering and public relations services are reaching $1 million. However, Mayor Allen says the village is not planning to bond for the entire $1.5 million approves.
Next, the Bill will head to the Assembly for approval.
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