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Bond refinancing may save Southold Town nearly $1.4M

07/16/2016 2:00 PM |

Southold Town Board

Southold Town’s strong credit rating may save the town an estimated $1.37 million over the next 14 years as authorities prepare to refinance several outstanding town bonds, officials said.

Town Comptroller John Cushman suggested bonds from 2007, 2008 and 2011 bond be refinanced.

The 2008 bonds cover purchases for open space and construction at the community center in Peconic, while the 2009 bonds pay for more open space acquisitions and payments for sewers on Fishers Island. The 2011 bond covers open space purchases and improvements for the town’s animal shelter and Fishers Island roads, Mr. Cushman said.

He said the option of refinancing would be a “substantial savings to the town.” The Town Board voted unanimously to move forward with the refinancing at Tuesday night’s meeting.

The bonds could be refinanced as early as next month, he added. The town’s bond rating — which was upgraded last year by Moody’s Investors Service — remains at its highest-ever score.

The town had previously refinanced about $9.5 million worth of bonds last July, which is expected to save the town about $736,000 in total over the next 14 years.

Those bonds were issued in 2005 and 2007 to cover purchases for land preservation, construction of the town’s transfer station, land acquisitions for the yard-waste facility and construction of the Fishers Island Ferry District New London terminal.

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Photo credit: Paul Squire.

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