Governor Signs Aubertine’s Bill For Village Of Parish

Home rule legislation will substantially lower village interest rate on wastewater project

ALBANY (January 13, 2009)—A bill sponsored by state Sen. Darrel J. Aubertine to help the village of Parish save money in financing its wastewater project was signed by Gov. David A. Paterson today, clearing the way for village officials to secure a reduced interest rate on the project’s remaining debt.

"This is great news for the village," Sen. Aubertine said. "By signing this legislation, the governor has made it possible for the village to convert its debt on its wastewater treatment facility into a bond that carries a substantially lower interest rate saving the ratepayers a considerable expense."

The village of Parish needed this legislation because of a missed bond payment in 2005 that forced the village to take out a loan at an interest rate of 10.75 percent. Since then the village has been working with its state representatives to get this legislation passed so the loan could be moved into a bond. Municipal bond rates tend to be around 3 percent or less, which would significantly reduce the village’s payments.

The Assembly passed its version of the bill in June and the Senate followed suit in a special session in December. Sen. Aubertine reached out to the governor after it passed both houses to urge him to sign the legislation.

"I’m ecstatic about this," said Parish Mayor Leon Heagle. "It’s been a rough four or five months with our high interest loan and now we can consolidate that loan with our BANS and move on. I want to thank Sen. Aubertine, our Assemblyman and the Governor for getting it done. They came through."