The federal stimulus package should lead the New York Environmental Facilities Corp. to issue more debt, but not for two or three years, staff said last week at a special board meeting. 

The EFC plans to use its $522 million allocation of waste water and drinking water funds from the American Recovery and Reinvestment Act of 2009 for short-term financing for “shovel-ready” projects. The agency provides short-term loans to municipalities for water projects that are then refinanced with long-term debt from tax-exempt bond proceeds.

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