The inability for State Legislators to reauthorize county industrial development agencies to issue bonds led to the County Legislature taking matters into their own hands.
The Schenectady County Capital Resource Corporation was approved during a July 13 Schenectady County Legislature meeting, which allows not-for-profit business to work with the county to once again issue tax-exempt bonds.
This is a gap that we have in our toolbox that we can fill tonight, said Gary Hughes, county legislator majority leader. `I would put our record at creating jobs and saving jobs against any other county in the Northeast.`
The two Republican legislators James Buhrmaster and Robert Farley were the only ones who didn’t vote yes on the resolution. While Farley outright voted no, Buhrmaster said, `It doesn’t seem that it is appropriate to vote yes or no,` so he abstained from voting.
Farley discussed previous concerns he had about the resolution and added some new points.
`Without having some degree of revenue going into it, these bonds are not marketable,` said Farley. `I have always been in favor of raising Metroplex’s bond cap.`
Metroplex currently holds a bond cap of $75 million and once again Farley stated he wished the cap were placed at $100 million. According to him, this would elevate the need for SCCRC. The point of the new agency is to handle not-for-profit business bonds.
`We really need to look at what we are doing here,` said Farely. `It does not do what we are being sold it will do.`
Farley said the last paragraph of resolution unilaterally allow the chair of the county legislature to make whatever changes they wish to on their own. But Vince DiCerbo, deputy chair of the legislature, said it simply doesn’t create such a situation.
Without two-thirds of the board of directors of the agency and consent form the county legislature chair no changes can be made to how the corporation functions, said DiCerbo. Also, 10 days of advance notice must be received by the chair and directors before any amendment.
The directors will include, Chairman of the county IDA, Vice-Chairman of the county IDA, Treasurer of the county IDA and any other members the county IDA appoints. The corporation will not consist of more than seven directors.
DiCerbo pointed out what the last paragraph stated and didn’t understand why Farley thought one person would be getting complete control.“
