Smithtown Special Library District, Rogers Memorial Library Company and Comsewogue Public Library: Financing
Suffolk County Libraries
DASNY Helps Suffolk County Libraries Reinvest in Their Communities
Smithtown Special Library District, Rogers Memorial Library Company and Comsewogue Public Library will collectively save $2.8 million in debt service payments by refunding through DASNY in bond deals that closed in March 2016.
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.
Smithtown Library saved more than $2 million in the refunding to the benefit of residents, said Robert Lusak, Director of Smithtown Special Library District. The savings will allow the library to redefine itself to reach community demand in more ways, including through dynamic programming, increased electronic downloadable items, 3D printers and scanning devices at all four of the districts buildings, he said.
“The Smithtown Library thanks DASNY for helping us refinance the Series 2008 bonds,” said Lusak.
Liz Burns, Director of Rogers Memorial Library Company, said the $430,000 in savings from the refunding is important to the library’s mission to inspire life-long learning. “These savings are tremendous for our small library and translate into enhanced adult programs, computer classes, family services, childhood activities and special programs,” Burns said. “On behalf of the residents of our communities, we thank DASNY. Their work will touch many lives.” Debra L. Engelhardt, Director of Comsewogue Public Library, said DASNY is playing an important role by reducing costs.
“We can do more to help our veterans learn about healthcare programs,” Engelhardt said. “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.”