MARCY, N.Y. (WKTV) - A workshop on how local municipalities can receive funding to pay for their aging sewer districts was held in Marcy Wednesday. Nearly $300 million in repairs will be needed around the Mohawk Valley.
Leaders from the Environmental Facilities Corporation spoke to local leaders Wednesday, informing them they may be able to provide the bonding to repair area sewer districts and at a great rate. At Wednesday's workshop,Oneida County Comptroller, Joseph Timpano, says state officials filled them in on a plan that would allow local municipalities to borrow money from them with a great return rate.
The comptroller says the county is looking to pay for the sewer repairs in phases. Timpano says they will soon be putting in an application, for $25 million to apply for bonds to cover those first few phases.
"The nice thing about borrowing through the EFC, with the $25 million we would be eligible to have 50% debt free," Timpano said. "So we would only end of having to pay back $12 million."
Oneida County's sewer district project is $158 million, while the City of Utica's bill is $155 million.
Timpano says not all county tax payers are on the hook to repair the sewer district only the rate users are. He says a surcharge will be added to their bills this year to start collecting the money needed to pay off the project.
The state has mandated that the sewer district be repaired by Halloween on 2014.