Gov. Andrew M. Cuomo on Friday signed legislation that will allow Suffolk County to net $67 million in one-shot revenue by selling the H. Lee Dennison Building in Hauppauge to the county's Judicial Facilities Agency and then leasing it back for 20 years.
The revenue, already in the 2013 budget, is crucial for Suffolk to continue operations and make payroll through year's end, county officials said.
"This patches up the hole for 2013," said Deputy Presiding Officer Wayne Horsley (D-Babylon).
Martin Cantor, JFA chairman, said the board has approved the financial papers and hired Citi Group Global Markets Inc. as underwriter for the bond sale. JFA officials are expected to meet soon with Wall Street rating agencies to present the county's borrowing plans.
The agency expects to go into the market in mid-October and close the deal by mid-November, when the county will get the cash.
Under the deal, JFA would issue $70 million in bonds for 20 years to buy the building. Suffolk will make annual lease payments equaling the cost of repaying the bonds, expected to be between $3.5 million and $4 million.