A bill sponsored by State Senator Kathy Marchione has been signed into law by Governor Andrew Cuomo, that authorizes the Village of
Hoosick Falls to issue long term bonds to provide long term financing for the costs associated with the discovery of PFOA in its water supply. The legislation had been requested by the Village. In her Press Release, the Senator says “ this legislation will help the Village of Hoosick Falls pay for its many financial costs caused by the PFOA contamination. This newly expanded bonding authority will ensure the village has more flexibility via an extended period of 10 years to meet its expenses and, in so doing, assist the community.”
Hoosick Falls Mayor Rob Allen told The Eastwick Press “this is welcome news, and helps take the burden off the back of the taxpayers” as it allows the village to seek a long term bond, to in effect replace the short term $650,000 loan it currently has. That would have come do in 2018. Money from the long term bond could be used to pay off the short term loan, meaning the village would not have to start making payments until sometime in 2019. Mayor Allen is also hopeful the extra time will allow the village to recoup some or all of their expenses via the consent order and other legal avenues, from Saint Gobain and Honeywell, the companies identified as the source of the PFOA’s
In her release, Senator Marchione also had praise Governor Andrew Cuomo for signing