General News: Village May Borrow Money for DPW Repairs
January 04, 2012
By Charlie B. Scirbona
The Cornwall-on-Hudson village board discussed potentially borrowing up to $500,000 for various projects including the DPW building repairs, during its Monday budget talks.
Trustee Jim Kane pointed out that the 2012-2013 budget didn’t include money for the proposed repairs for the DPW building on Shore Road and that the board was probably in agreement that they would have to do some long-term borrowing to pay for the project. At the very least, the village will need to borrow $360,000 to pay for both the structural improvements and the renovations to clear up the building’s various building code violations.
Deputy Mayor Mark Edsall suggested that they might want to cover some of the losses from Hurricane Irene with this bond as well because they weren’t sure when FEMA would reimburse the village. Village Treasurer Jeanne Mahoney also pointed out that the village is only getting replacement value for the vehicle destroyed during the storm.
One example Mahoney gave was a dump truck that was normally worth $120,000. Mahoney said the village’s insurance company would only pay out $15,000 for the vehicle. The board also discussed the possibility of including money for litigation concerning the DPW building. All told this could bring the bond up to half a million dollars. Ultimately the board moved the discussion on and decided to take up the issue in March, after the new fiscal year began.
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