COMPTROLLER “COUNTY SAVES $1.6 MILLION DOLLARS”

REFUNDING OF $15.5 MILLION IN LONG TERM BONDS SPARKS AGGRESSIVE BIDDING NETTING SIGNIFICANT COST SAVINGS

Suffolk County Comptroller Joseph Sawicki, Jr. announced today that the County was successful in refunding approximately $15.5 million in long term bonds resulting in a net savings of $1.6 million in debt service costs to County taxpayers. The County received an unprecedented level of market support as evidenced by the receipt of 8 separate bids. The total savings realized was three times more than what the County hopes to achieve when issuing refunding debt. The refunding was structured to maximize savings in earlier years, generating $1.3 million in savings for 2009.

Comptroller Sawicki stated, “I was very pleased that our decision to issue a competitively placed offering resulted in so many bids. The savings achieved by this refunding will help the County with the anticipated 2009 budget shortfall.” Mr. Sawicki continued, “Once again the County’s superior credit ratings led to cost savings for Suffolk County residents”.

The Bonds were issued to refund $15.5 million in outstanding principal of bonds previously issued in 1999 to fund the County’s purchase of an interest in the Cohalan Court Complex. The refunding bonds will have the same term as the original bonds and will be fully repaid by 2016.