Suffolk County Comptroller John Kennedy (R-Smithtown) announced the successful sale of $164,415,000 worth of Public Improvement Serial bonds — 2024 Series A on Wednesday, October 6th.
As Kennedy outlines, proceeds from the bond sale will fund over 200 projects countywide. Yearslong profit commitments toward improving roads, sewers, parks, open space acquisition, and additional infrastructure are made possible when lucrative, “win/win” deals such as this are struck.
The Comptroller cites “strong support” from investors; the winning bid—3.39 percent, from Jefferies, LLC—was even better than what was projected for an 18-year bond issue, per Kennedy.
Sold at competitive sale, the bonds received bids totaling $1.973 billion from a dozen different banks and brokers. They are scheduled to be delivered to investors on Wednesday, October 30th.
Kennedy says credit rating upgrades, courtesy of Fitch Ratings and S&P Global earlier this year, rewarded investors with a renewal of confidence. Market backing means impacted communities in waiting can be rest assured: promises made will soon become promises delivered.
“County Executive [Ed] Romaine has assured that capital projects will move at an ambitious pace,” Comptroller Kennedy told The South Shore Press.
“My office will monitor the management and disbursement of funds," he adds, "so that all projects are completed in a timely and efficient manner.”
A serial bond is a bond in which principal repayment is made on its stated maturity date. Bonds of this sort can be structured with or without call provisions, according to Debtbook.com. Depending on what produces a price cheaper to the investor buying in, a serial bond is priced to either its stated maturity date or its call date.
Translated further: the selling of these bonds—per the efforts of those intimately involved at the Hauppauge-located headquarters—offers proof-positive evidence the County has come through the pandemic “stronger than ever.”