The New York Legislature passed a bill Tuesday night allowing Erie County to sell bonds without the permission of its control board, the Erie County Fiscal Stability Authority. The county and control board have been bitterly deadlocked since last year over which entity would issue debt for needed capital spending.
If the bill is signed into law by Gov. David Paterson, Erie County would be able to go ahead with the sale of $63.1 million of debt. The bill allows the county to sell bonds without control board approval if it has at least two investment grade ratings, which it does now.