Niagara Gazette

Local News

March 15, 2013

Another dip for city bond rating

(Continued)

Niagara Gazette — Fitch's assessment also references a proposal that has been rejected by the city council to accept an advance on future revenues from the relicensing agreement with the New York Power Authority as a "short-term, and potentially costly" solution to the current financial difficulties. 

 "Fitch will closely follow future developments in this situation in the near future," the agency noted. 

During an interview Friday, Mayor Paul Dyster - who has been under pressure from city lawmakers to develop a plan for dealing with the pending revenue shortfall - said he remains confident the casino revenue situation will be resolved to the city's satisfaction this summer, allowing it to move forward with the revenue it needs. 

"My hope is that after there is a result in the arbitration process or a negotiated settlement that the bond rating agencies will go back and look at the city's situation" Dyster said.

In the meantime, he said he believes it's important for city officials and residents to avoid speculation about the potential outcome of the arbitration process. 

"The situation is serious enough without piling other speculation on top of it," Dyster said.

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