State Senate OKs Long Beach's bid to borrow $12 million

"The City of Long Beach was one of "The City of Long Beach was one of the most devastated areas affected by superstorm Sandy,” Senate co-leader Dean Skelos (R-Rockville Centre) said in a memo regarding the bill authorizing the borrowing of $12 million for recovery. (Oct. 30, 2012) Photo Credit: Newsday/Alejandra Villa

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State legislators gave final passage Monday to a bill to allow Long Beach to borrow $12 million to help recover from superstorm Sandy.

The State Senate, in a 56-0 vote, approved the measure, which would permit Long Beach to issue bonds to help it cover lingering debts. The Assembly passed the bill in April.

“The City of Long Beach was one of the most devastated areas affected by superstorm Sandy,” Senate co-leader Dean Skelos (R-Rockville Centre) said in a memo filed with the bill. “As a result of the storm's destruction, the City of Long Beach has been left with extraordinary expenses for projects which are not eligible to be reimbursed from the state or federal government grants. This bill will allow the City of Long Beach to issue serial bonds for all or part of these expenses incurred.”

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