A bill to loan the city of Dunkirk nearly $14 million to help the city's troubled finances has passed the New York state Assembly. 

The terms of the loan include 7.75% interest with 15 years to pay it back.

It passed the state Senate last week and is now waiting a signature from Gov. Kathy Hochul.

At Tuesday night's Common Council meeting, members of the public voiced frustration with this deal.

Some speakers in attendance said that they didn't understand the loan because the terms are not good for the town in their opinion.

The bill continues to move forward despite opposition from a majority of Dunkirk's City Council and multiple lawmakers, including state Sen. Geroge Borrello, who say the loan will only cost taxpayers without correcting what they call “chronic mismanagement” of the city's financials.

Borrello says that the 15-year, 7.75% loan will cost taxpayers nearly $10 million in interest. Instead, he is pushing for a fiscal control board that could cost Dunkirk $500,000 annually.