That bond yields are near a record low was a contributing factor for Nassau County’s decision to raise the $1.1bn through bonds. Merrick residents, as well as other property owners throughout the county, are already paying property taxes that are among the country’s highest, so obtaining funds via the municipal-bond market provides a reprieve from another tax increase.
With the largest refinancing in Nassau County’s history, the money will be used to pay off securities issued earlier, handle upcoming debt payments, and infuse cash to cover budget shortfalls caused by the pandemic.
The chairman of the control board overseeing Nassau’s budget, the Nassau Interim Finance Authority, is Adam Barsky. The bond sale, according to Barsky, will enable the county to:
“…avoid what otherwise would have been a significant tax increase and/or cut to mission critical services.”
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Nassau County bonds received a AAA rating from S&P Global Ratings, thanks to being backed by sales-tax receipts, which are sent to the trustee for bondholders directly by the state.
Yield from bond sales ranged for those due in 2023 at 0.26% to those maturing in 2030 that will yield 1.64%.Get a Free Quote for Print