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Town of Penfield
Case 10: State Revolving Fund

County Town of Penfield
Contact person Channing Philbrick, Supervisor, 716-377-8600
Case descriptions Case 10: State Revolving Fund
Forms of restructuring intermunicipal cooperation - cooperation investment of funds
Specific services affected funding for public works projects throughout the state is provided from an investment pool of the towns' municipal bonds. The pool lowers risk and administration costs, which in turn lowers the interest rate for loans made from the pool to municipalities
Year started 1994
Partners all of the towns that pool their bonds
Primary goal to lower the cost of financing for public works
Barriers the administrative and legal burden of the application process required to access the funds
Benefits substantial savings
Impact on budget save money
Impact on labor time is spent by Town staff on applications; also creates investment in Minority and Women Owned Business Enterprises (M/WBE)
Key contact Mark DiFrancesco, Superintendent of Sewers, 716-377-8639