Anthony J. Baynes, chairman of the Erie County, N.Y., Fiscal Stability Authority, resigned yesterday, citing health reasons. Baynes, an appointee to the board by former Gov. George Pataki in 2005, clashed with the county government over bonding. Neither the county nor the control board can borrow without the other's consent and neither has been willing to do so, creating a deadlock for more than a year.
"All the decisions I have made in my roll as chairman, I have always tried to do what was best for the taxpayers," Baynes said in a press release.
Baynes has been recovering from a traumatic brain injury and last year collapsed at a control board meeting.
Gov. David Paterson's office is searching for a replacement, according spokesman Errol Cockfield.
The county and the control board are still negotiating which one would sell $63.1 million of bond anticipation notes.
Erie County Comptroller Mark Poloncarz's office yesterday put out a request for proposals for underwriters for a bond anticipation note.
The county had put out an RFP in June but decided to issue a new one because the county was recently upgraded. Moody's Investors Service on Friday raised the county's rating from Baa3 with a negative outlook to Baa2 with a stable outlook. The upgrade follows Standard & Poor's upgrade last month to BBB-plus from BBB.
The state Legislature passed a bill this year that would allow the county to sell bonds without control board approval so long as it had at least two investment-grade ratings, but Paterson has said he will veto the bill.