NY voters say yes to sewer debt cap exemption for municipalities
New York voters have approved a proposition that allows local governments to borrow beyond their legal debt limits for another 10 years to accommodate sewer facility projects.
With New York’s decades-old sewer system in the midst of a major overhaul and tax bases dwindling, Tuesday’s vote on Proposition 3 gives localities more flexibility.
Localities have debt limits based on their budgets and the revenue they can raise by taxes. The idea is to make sure taxpayers can afford the multimillion dollar sewer projects.
Supports say raising the limit for another 10 years is for the public good and essential for growth, even if it means more costs.