A bill that would extend the life and bonding limit of the Schenectady County Metroplex Development Authority passed in the state Senate and Assembly on Thursday afternoon.
The legislation would increase the economic development agency’s bond limit from $75 million to $100 million. The bill passed 61-0 in the Senate, and was approved later in the afternoon by the Assembly, according to the Senate’ website. Metroplex has issued about $73 million worth of bonds since its creation in 1998, so it needed an increase in its cap to be able to continue issuing bonds.
The legislation will be delivered to Gov. Andrew Cuomo for him to either sign or veto.
The Schenectady County Legislature voted 10-2 last Sunday asking the state Legislature to approve the measure. Six days before that, the Legislature had voted to request approval of a different version of the bill that would have changed the way bonds counted toward Metroplex’s cap.
An Assembly committee removed that provision, and as a result the County Legislature had to take another vote to request the updated version be passed by the state.
The Metroplex has funded various projects in Schenectady County since it was created. It finances development projects and improvements to private property and public infrastructure. It’s cap was previously increased in 2008 from $50 million to $75 million.