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Roundup: Town saves $2.2M in bond refinancing, Zove declares candidacy

Brookhaven Town refinanced $40 million in outstanding bonds

Brookhaven Town refinanced $40 million in outstanding bonds last week, saving the municipality $2.2 million in interest costs over the next 12 years, officials said. Credit: Newsday File / Bill Davis


Refinancing saves town $2.2M

Brookhaven Town refinanced $40 million in outstanding bonds last week, saving the municipality $2.2 million in interest costs over the next 12 years, officials said.

“The town is in a sound financial position and has a very strong credit rating, so we can take advantage of historically low interest costs,” Town Supervisor Edward P. Romaine said in a statement.

He touted how Brookhaven’s conservative spending has recently paid off by saving taxpayers millions of dollars and reducing debt, while many other Long Island municipalities have had their bond ratings downgraded.

Brookhaven Councilwoman Jane Bonner, liaison to the finance department, said the town must continue to cut spending, save money and live within its budget. Last month, ratings agency Standard & Poor’s affirmed Brookhaven’s AA+ rating and upgraded its outlook from stable to positive.

Also last month, Moody’s Investor Services, another rating agency, affirmed the town’s credit rating of Aa2 with a stable outlook.


Board OKs bonds for 2 village projects

The Garden City board of trustees in March unanimously approved bond resolutions for the demolition of Ellis Hall at the historic St. Paul’s School campus for $750,000 and the renovation of Garden City Fire Department headquarters for $900,000.

The board voted in December to solicit competitive bids for demolition of Ellis Hall and remediation of asbestos in the building that dates to 1969. The village, through an agreement with Nassau County, will receive $300,000 through the county’s 2006 Environmental Bond Act for the asbestos work.

Renovation of the Stewart Avenue fire department headquarters, which also houses Garden City Village Hall, will include refurbishing meeting rooms, storage areas and second-floor bathrooms; reconfiguring first-floor offices for training rooms and classrooms; and installing new heating and cooling equipment, and lighting. 

Kitchen renovations will include new walls, ceiling panels and shelving. Bathroom upgrades will require asbestos abatement. The fire department’s main building has not undergone any major renovations since its original construction in 1953, officials said. — AISHA AL-MUSLIM


Zove announces run for Assembly seat

Suffolk legislative aide Jason Zove has announced his candidacy for State Assembly against Republican incumbent Michael Fitzpatrick of St. James.

Zove, a Commack Democrat, worked for the late Presiding Officer Bill Lindsay (D-Holbrook) beginning in 2010. Lindsay died in September at age 67. Zove continues to work for Lindsay’s son, William Lindsay III, a Bohemia Democrat who succeeded his late father.

Zove, 26, said he is running because the late presiding officer sparked his “passion for public policy.” He also said “a lot of people are frustrated and concerned” about Fitzpatrick’s voting record and are “disappointed in his political ideology.” 

Fitzpatrick, who backs pension reform and relief from state mandates, has won Conservative Party honors several times for having the most conservative voting record in the State Legislature. 

Zove called himself a fiscal conservative who is moderate on social issues. “This is going to be an absolute battle,” Zove said.

Fitzpatrick, 56, is a 12-year Assembly veteran who is ranking minority member of the Housing committee.

“I look forward to meeting him and having a nice, vigorous debate about the issue [to] see what people of Smithtown think,” Fitzpatrick said.

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