Suffolk Libraries Save Through Bond Refunding With DASNY

Three libraries save almost $2.8 million in bond deal

(Albany, New York)  -- Three libraries in Suffolk County saved almost $2.8 million by refunding more than $21 million in bonds through DASNY, Gerrard P. Bushell, DASNY President and CEO announced today. The savings will be reinvested in their communities. 

By bundling Smithtown Special Library District, Long Island’s largest library system, Rogers Memorial Library Company and Comsewogue Public Library, DASNY enabled all three to achieve economies of scale by sharing the costs of issuance.  

“DASNY provided these libraries with an affordable path to savings so they can do more to make New York a better place to live and learn,” Bushell said. “Libraries are the heart of their communities. They serve as centers for job seekers, language learners, seniors and children. By being responsive to their needs, DASNY is keeping New York competitive and strengthening its economy.”  

“The Smithtown Library thanks DASNY for helping us refinance the Series 2008 bonds providing a savings of more than $2 million, which will benefit residents of all ages within the Smithtown Special Library District,” said Robert Lusak, Director of Smithtown Special Library District. “The Board of Trustees and the library staff work diligently to minimize library expenses and optimize community resources. We are pleased to say that visitors to our library buildings, attendance at our library programs and circulation of library materials continue to increase year to year. The significant savings realized through the refinancing will allow the Smithtown Library to continue to redefine itself to reach community demand in more ways, such as offering dynamic programming, increasing electronic downloadable items, providing 3D printers and scanning services at all four of our buildings.”

“Rogers Memorial Library is dedicated to inspiring life-long learning. Our library serves the educational and cultural needs of Southampton and the Tuckahoe school district in Suffolk County,” said Liz Burns, Director of Rogers Memorial Library Company. By joining our larger counterparts, Comsewogue and Smithtown Special libraries, we recently refunded through DASNY, and to save more than $430,000. These savings are tremendous for our small library and translate into enhanced adult programs, computer classes, family services, childhood activities and special programs. On behalf of the residents of our communities, we thank DASNY. Their work will touch many lives.”  

“The services offered through our library are broad and have a direct, positive impact on the lives of our residents. By delivering savings, DASNY plays a key role in helping us change lives,” said Debra L. Engelhardt, Director of Comsewogue Public Library. “We can do more to help our veterans learn about healthcare programs. We can provide a wider array of services to residents such as website building tutorials and greater access to online educational programs. We are able to deepen our connection with our community and enhance the lives of residents.”

By refunding its Series 2008 bonds, Smithtown Special Library District saved $2.2 million or 13.7% in debt service payments. The Smithtown Library serves the communities of Commack, Fort Salonga, Kings Park, parts of Hauppauge, Smithtown, St. James, Nesconset; as well as the incorporated Villages of Nissequogue, Head of the Harbor and the Branch. 

Rogers Memorial Library in Southampton where it serves the Tuckahoe Common School District saved $436,647 or 14.6% in debt service payments by refunding its Series 1998 bonds. With the help of AARP tax advisers, the library offers tax help to seniors and low-income residents. It also provides daily program for young children, computer classes and streams library events online.

Comsewogue Public Library saved $175,076 or 6.1% in debt service payments by refunding its Series 2005 bonds. The savings help it achieve its mission to provide quality service at a reasonable cost the community. Comsewogue serves as a community center in Port Jefferson Station, offering programs for English language learners and the opportunity to book a librarian for 30 minute sessions on everything from job searches to researching a family tree. 

 Founded in 1944, DASNY – the Dormitory Authority of the State of New York – is the one-stop shop for financing and building health care and education infrastructure in New York State. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $48.1 billion as of December 31, 2015. DASNY is also a major public builder in New York State with a construction pipeline of 1,030 projects valued at approximately $5.7 billion.