Posted by on January 24, 2015

Encourages legislative colleagues, governor to allocate bank settlement funds to CHIPS

Assemblyman Gary D. Finch (R,C,I-Springport) today reiterated his commitment to ensuring that the Consolidated Local Street and Highway Program (CHIPS) is adequately funded.

Finch is enjoining the governor and his legislative colleagues to allocate most of the gainful settlement secured from BNP Paribas to the successful CHIPS initiative. After the Manhattan District Attorney’s office receives its negotiated share of the $5.4 billion settlement, the state’s windfall will be an estimated $3.8 billion.

“As legislators, we have a serious reasonability to allocate these funds with a prudent eye toward our future,” said Finch. “If our local highway repair programs received $3.8 billion, the economic impact would be staggering. We could create 100,000 good paying jobs. Goods would be shipped across structurally sound bridges and safer roads.”

Finch also touted the benefit to taxpayers.

“Our local highway departments are incredibly efficient. According to a national organization of state highway officials, every dollar spent on the maintenance of a sound road avoids spending between $6 and $14 to fix one that has fallen into a state of disrepair,” said Finch.

“I’ve always said that making sure that our communities are a safe place for our families to live and work is of paramount importance. Investing in CHIPS is an investment in safe travel for Central New Yorkers for years to come,” said Finch.

Finch called for the money to be spent over a period of years to foster stable growth of the CHIPS program.

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