NIFA says it saved Nassau $33.4M

NIFA board meets in Uniondale. (Sept. 24, 2012)

NIFA board meets in Uniondale. (Sept. 24, 2012) (Credit: Howard Schnapp)

The Nassau Interim Finance Authority has successfully refinanced $317,713,000 of debt issued on behalf of the county, saving Nassau $33.4 million over the next four years, the agency said Thursday.

"We have been carefully monitoring our debt and the markets for months and are very pleased with the results of our refunding and the substantial savings it will provide the taxpayers of Nassau County," said Ronald Stack, chairman of the state-appointed board overseeing the county's finances since 2000.

The estimated savings exceeded those anticipated 10 days ago by more than $3 million.

The authority, which has an AAA rating, issued county bonds during the past decade because it had a better credit rating than Nassau and could get lower interest costs. NIFA borrowing is guaranteed by county sales-tax revenue.

The county already has incorporated the savings into next year's budget and multiyear financial plan. Savings in 2013 amount to about $6.5 million. Most of the $33.4 million savings -- $23 million -- is expected in 2014, said the statement.

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