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Suffolk sells tax anticipation notes

Joseph Sawicki after testifying about the ethics commission.

Joseph Sawicki after testifying about the ethics commission. (Oct. 26, 2010) Credit: James Carbone, 2010

Suffolk County Wednesday sold a record $410 million in tax anticipation notes at an interest rate below 1 percent.

The eight-month borrowing -- $10 million more than last year -- will help finance much of county operations until June, when property tax revenues begin coming in from the towns.

The notes were sold on a negotiated basis with Roosevelt & Cross as lead underwriters at a rate of 0.67 percent. The borrowing will cost the county $1.8 million in interest. Last year, the county, after a downgrading by Moody’s Investor Service, sold $400 million in notes at an interest rate of 1.24 percent.

Comptroller Joseph Sawicki, who organized the sale, said, “The financial markets have indicated their faith in the county’s financial stability despite these uncertain times,” adding the low rates will benefit taxpayers by reducing interest costs.

Photo:  Suffolk County Comptroller Joseph Sawicki
 

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