Suffolk County, N.Y., is planning to refinance $136 million of bonds this year before interest rates jump too high.
Suffolk Comptroller John M. Kennedy said the refinancing will save the Long Island county $4 million and involve portions of borrowings between 2008 and 2010. Before the refinancing can move forward, the county needs to pass a resolution at a March 26 meeting to close out two capital projects. These projects involve $18,801 unspent from a completed master plan for Gabreski Airport in Westhampton, N.Y. and a canceled $60,000 study on how to replace a fireworks burn pit at the county's fire academy in Yaphank, N.Y.
"We work closely with our municipal finance advisors and keep a keen eye on rates," said Kennedy in a statement. "In today's environment, any opportunity to conserve taxpayer dollars has to be acted on."
Suffolk has refinanced $271.6 million in bonds since Kennedy became comptroller in 2015, which he says will save the county $22.3 million through 2028. The county's general obligation bonds are rated A by S&P Global Ratings and A3 by Moody's Investors Service.
