Proceeds Will Go to Fund Capital Projects
The Suffolk County Comptroller’s Office announced that the county sold more than $188 million in bonds, with sales proceeds going to fund major capital projects.
On October 23, Suffolk County sold $188,735,000 in tax-exempt bonds through a competitive sale to fund its ongoing capital improvement program. The sale generated strong demand, according to the comptroller’s office, allowing the county to achieve its lowest borrowing rate in several years. Investors placed bids totaling $1.5 billion, with Jefferies, LLC submitting the winning bid at 2.96%.
“This was a highly successful sale with great results for our taxpayers,” Suffolk County Comptroller John Kennedy said. “Strong investor confidence in the county’s credit and fiscal management helped us secure these favorable financing terms.”
Proceeds from the sale will support key infrastructure investments that maintain and improve county facilities, roads, and other public assets. The bonds are scheduled to be delivered to investors on November 5.