ENP STAFF REPORTS
news@eastniagarapost.com

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Lockport Mayor Anne McCaffrey announced this afternoon that the city has received the deficit financing it sought.

Her press release follows in its entirety.

I am pleased to announce that we have just been informed that Governor Cuomo has signed the City of Lockport’s deficit financing legislation. I want to thank the Governor for his signature and his support as we begin to get the city on more stable financial footing. I also want to thank Senator Maziarz and Assemblywoman Corwin who were instrumental in getting this legislation passed in the Senate and Assembly in June. I cannot thank them enough for their assistance and perseverance in getting Lockport’s bill on their respective agendas and passed during the last week of session.

The pursuit of deficit financing is a critical step for the City of Lockport to address previous years' deficits and the resulting cash flow difficulties. We will continue to work with our bond advisors who will assist us in going to the municipal bond market to obtain financing. We expect to have this completed in the near future and we will release more details on the terms of the financing as they become available.

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