BUFFALO, NY (2007-12-28) County Comptroller Mark Poloncarz has reached an agreement with the control board over the county's long-delayed 2007 borrowing.

The borrowed money will be used to pay for road and bridge repairs. And this year, the Buffalo Zoo is depending on the county borrowing to help pay for zoo improvements.

Until now, county government and the control board couldn't agree on a borrowing plan. The board wanted to sell the bonds, claiming it could get a better rate and save taxpayers money. But county legislators said that would perpetuate the control board for decades, ultimately costing taxpayers more.

Thursday, Comptroller Poloncarz announced agreement at long last. It's a complicated arrangement involving what are called "mirror bonds." The upshot, says Poloncarz, is that taxpayers save now without the control board perpetuating itself.

Poloncarz says the bond sale will finally generate the nearly $52 million county leaders have been waiting for.

Governor Spitzer and his executive staff played a key role in helping to forge the agreement.

The County Legislature will meet in special session on New Year's Eve to approve the compromise.

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