Senator Ken LaValle and Assemblyman Fred Thiele announced that the Legislature had approved their legislation S.3690/A.5245, which would authorize the issuance of bonds by the Town of East Hampton to finance airport improvements at the East Hampton Airport for a period not to exceed 30 years.

The Town of East Hampton owns and operates the East Hampton Airport. The Town's

grant assurances from the Federal Aviation Administration expired on December 31, 2014, and as such, the Town no longer obtains FAA funding for the operation and maintenance of the airport. The Town now assumes all responsibility to finance airport capital projects.

Current local finance law defines the maximum amortization period for airport projects as 10 years. This legislation would allow the Town to bond out improvements over a longer period of time, up to 30 years, in an effort to give the Town the time they need to fully plan and implement costly infrastructure work, and to ensure that the airport remains self-sustainable.

The legislation must now be delivered to the Governor for consideration