Governor Andrew Cuomo signed a piece of legislation on Wednesday allowing the county to manage its deficit with the issuance of bonds.
The Rockland County Deficit Reduction Act would allow the county to issue $96.4 million in bonds to help pay down its deficit, which now stands at $128 million. In addition, the Act required draft county budgets to be submitted to the State Comptroller for review. However, prior to its approval, the bonds required action by the Governor’s office.
Ratings agencies looked favorably upon the bill’s safeguards and its passage might positively affect Rockland’s credit rating, which stands as the lowest in the state.