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State Assemblyman Fred W. Thiele Jr. and State Senator Kenneth LaValle announced at a press conference at East Hampton Town Hall on Friday that they planned to ask the State Legislature to amend legislation passed in 2008 to increase from $15 million to $30 million the amount the town would be authorized to borrow to plug its deficit.
Mr. Thiele said the increase in the amount of money the town would be authorized to borrow would cover not only the 2007 and 2008 deficits, as originally planned, but also the shortfalls accrued through 2009.
Mr. Thiele said the process of a municipality asking the state permission to issue bonds to cover debt is not that rare, but that doing it twice “is a little unusual.” He said that to his knowledge no... more
Mr. Thiele said the increase in the amount of money the town would be authorized to borrow would cover not only the 2007 and 2008 deficits, as originally planned, but also the shortfalls accrued through 2009.
Mr. Thiele said the process of a municipality asking the state permission to issue bonds to cover debt is not that rare, but that doing it twice “is a little unusual.” He said that to his knowledge no... more
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