Schoenberger Calls for 'Lock Box' on Deficit Bond Funds

(By Betsy Saetre)

New City, NY -- County Legislator Ilan Schoenberger urged
that any money that comes to the County of Rockland as a result of the
deficit bond which was approved by the Senate last night and the
Assembly earlier this month, should be put in a “lock-box” so that
it cannot be spent for any purpose other than the elimination of the
County’s deficit.

At 1:30 A.M. on Friday, June 21, the New York State Senate passed
legislation that would allow Rockland County to borrow up to $96 million
to cover its accumulated deficit.  The legislation now goes to Governor
Cuomo for his approval.  If approved by the Governor, Rockland County
will be permitted to issue a deficit bond to be repaid over 10 years to
eliminate the County’s deficit.  Legislator Schoenberger was one of
the prime sponsors of this law.

Legislator Schoenberger stated:

"The county must be committed to using this money from the deficit bond
solely for the purpose of eliminating the deficit.  I want the money
that comes from the deficit bond to be placed in a lock-box where it
cannot be accessed and used for other purposes such as day to day
operation of the County or new programs or additional jobs.  The funds
that we hope to receive from the deficit bond must be used only to pay
off the County’s deficit and to right and stabilize the financial ship
of Rockland county government.  The County government must continue to
reduce its operating costs to make sure that not only is the deficit
paid off but that it does not reoccur.

The New York State Legislature, in passing Rockland County’s Deficit
Bond Act, recognizes that the Deficit Bond is the only real solution to
solving Rockland County’s financial situation.  It is also an
acknowledgement that the plan of the Budget and Finance Committee, which
I chaired, and its work to stabilize the county’s finances is in the
best interests of Rockland County taxpayers.

I do want to publicly acknowledge and thank Assemblyman Ken Zebrowski,
Assemblywomen Ellen Jaffee and Annie Rabbit and State Senators David
Carlucci and Bill Larkin for their support for the residents and
taxpayers of Rockland County in passing this deficit bond."