Wolfe’s Plan to Establish LDC Reserve Fund Adopted

New City, NY  (March 27, 2014) – The Rockland County Legislature recently adopted a resolution to ensure that the assets that remain after the sale of the County nursing home and hospital to a not-for-profit local development corporation (LDC) will be reserved in a dedicated fund.  The resolution, sponsored by Legislature Chairman Alden H. Wolfe, restricts the use of the assets to Summit Park’s debts and obligations, legacy expenses and deficit reduction.   Any disbursement must be approved by the Legislature.

 “This resolution ensures that the net proceeds of Summit Park’s sale will be applied in the most fiscally responsible manner – further reduction of our deficit,” said Wolfe.  “Measures such as this are absolutely necessary in order for us to build on our hard work and difficult choices, continuing on the path toward good fiscal health.”

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