The New York State Legislature has approved legislation allowing Monroe County to refinance the debt of three Local Development Corporations (LDCs), which will then permit the county to dissolve the corporations, Monroe County Executive Cheryl Dinolfo stated.
“Today represents a significant win for the residents of Monroe County, as the dissolution of these LDCs quickly becomes a reality,” Dinolfo said in a statement Wednesday. “Delivering on my promise to taxpayers, the passage of today’s legislation not only eliminates LDCs, and generates over $12,000,000 in savings, but also brings us another step closer to restoring transparency and accountability to important government services.”
In May, Dinolfo proposed the legislation to the New York State Senate and Assembly to assist in the dissolution of the LDCs following allegations of corruption charges that had been attached to the corporations.
Former county executive Maggie Brooks’ administration created the corporations.
According to Dinolfo, the legislation will authorize the county to convert its contractual payments with the LDCs to debt service, while allowing the refinancing of its accounts, and saving taxpayer dollars.
The bill is currently awaiting Gov. Andrew Cuomo’s signature, after which Dinolfo said she will transfer the LDCs’ assets to the county, thereby dissolving them.
The three LDCs the county will dissolve are Upstate Telecommunications Corporation (UTC), Monroe Security and Safety Systems (M3S) and Monroe Newpower Local Development Corporation.