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Record staffers bring you information on the comings and goings of New York's Collar City.

Wednesday, October 27, 2010

Council schedules meeting about MAC refinancing

The City Council has scheduled a special Finance Committee meeting for next Wednesday to discuss the proposed refinancing of the city's MAC debt.

The MAC makes up the largest portion of the city's debt at a cool $52.295 million. At last night's Public Safety and Law committees budget meeting, the refinancing of the MAC came up, with Acting City Comptroller Joseph Mazzariello saying more details could be available as early as next week.

A small correction from the article, which states the estimated $600,000 to $1 million in savings will go towards the the 2010 budget. The savings will actually take place over the life of the loan, with a large portion of the savings happening in the first three years or so, according to city spokesman Jeff Pirro.

The Special Finance Committee meeting has been scheduled for Wednesday, Nov. 3 at 6 p.m. in the Second Floor Conference Room at City Hall. The regular City Council meeting will take place the next night at 7 p.m. at Christ Church United Methodist.

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