Press Releases

Contact: Public Relations Department
Suffolk County Water Authority
PO Box 37
Oakdale NY 11769
(631) 563-0296

February 26, 1998
SCWA APPLAUDS LEGISLATION TO ALLOW BOND ACT PARTICIPATION

Suffolk County Water Authority Chairman and CEO Michael LoGrande today commended Governor George Pataki for signing legislation to allow the Authority to participate in the drinking water revolving loan program established under the state's Environmental Bond Act of 1996.

Senator Kenneth P. LaValle (R - Selden) and Assemblymen Robert Sweeney (D - Llindenhurst) and Paul Harenberg (D - Oakdale) sponsored the legislation in order to correct a problem under which the Authority was not allowed to issue bonds as collateral for a loan from the Environmental Facilities Corporation (EFC). Because it is the oldest regional water authority in the state, its charter does not allow it to issue bonds in cooperation with other entities, even for such programs as the Bond Act.

LoGrande called the measure, which allows water suppliers to borrow money at reduced interest rates for qualified projects, "an important step forward in our continuing efforts to provide high quality drinking water to every Suffolk resident." Now that it can take part in the loans program, the Authority is expected to borrow $6.2-million for projects that have already been approved. The savings in interest costs are automatically reflected in the rates paid by consumers.

"We are pleased that Governor Pataki has seen fit to sign the legislation that will allow the Authority to participate in the drinking water loan fund. In addition, I would like to express our appreciation to Senator LaValle and Assemblymen Sweeney and Harenberg for their work in sponsoring this important legislation," LoGrande concluded.

The Suffolk County Water Authority is a public benefit corporation operating by virtue of the Public Authorities law of the State of New York. The Authority is operated solely for the benefit of the customers it serves.