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Dinolfo Announces Next Step In Dissolution of LDCs

Monroe County Executive Cheryl Dinolfo continues to work towards the dissolution of the LDCs that were the subject of today's court proceedings. Dinolfo has proposed legislation to the New York State Senate and Assembly to assist in this process. This legislation, if enacted, will permit the County to refinance the LDCs’ debt. Under the current arrangement, the County payments to these LDCs, among other things, services the LDCs’ existing debt. The proposed legislation will authorize the County to convert its contractual obligation to debt service. The County’s refinancing of this debt accounts for significant savings to the taxpayers of Monroe County. The value of the total savings from refinancing the UTC and M3S debt is more than $4,300,000.
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