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The original item was published from 7/30/2020 5:14:24 PM to 7/31/2021 12:00:06 AM.

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Posted on: July 30, 2020

[ARCHIVED] Coronavirus Relief Bond Legislation Advances, Before Senate

Today the Senate Budget and Appropriations Committee released S-2475/A-3971, which authorizes the issuance of “coronavirus relief bonds” (CRB) by municipalities and counties. The legislation permits municipalities to issue bonds for the loss of revenue and/or unanticipated expenses directly attributable to the COVID-19 pandemic with appropriate safeguards and Local Finance Board oversight.

League Executive Director Mike Cerra was joined by Little Falls Administrator Charles Cuccia and Wharton Administrator/Chief Financial Officer Jon Rheinhardt in testifying in support of the legislation noting that a one size fits all solution is not the best approach toward addressing revenue shortfalls and increased expenses municipalities are facing as result of COVID-19. Current options available to municipalities may work for some municipalities but for most they will create long term financial problems. Local governments need the flexibility that S-2475/A-3971 provides to limit the impact on property taxpayers.

The full Senate is scheduled to consider the legislation on Thursday. Please contact your Senator urging them to support S-2475/A-3971.


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