2/22/2013

Statement from Nassau County Comptroller George Maragos
County Successfully Raises $337.9 Million at Very Low Rates to Fund Sandy Recovery

“The County successfully marketed $152.4 million of Bonds and $185.5 million of Bond Anticipation Notes yesterday (February 21, 2013) at very low rates.  The offerings were oversubscribed which underscore the stable financial condition of the County and its A+ Investment Rating,” Comptroller Maragos said.

The favorable pricing and overwhelming demand for the County securities highlights the market’s confidence in Nassau County. These funds will go directly to assisting the County in accelerating the recovery from Hurricane Sandy. We expect that eventually the County will be reimbursed for most of these expenses from the Federal and State Government.”

• The note issue consists of one $185.5 million maturity due on February 5, 2014, at a yield of 0.40%, a 20 basis point improvement   over comparable notes sold on December 6, 2012. 
• The bond issue consisted of one $152.4 million series with maturities due from April 1, 2014 to April 1, 2043, at a true interest cost of 3.66%—a 20 basis point improvement over the County’s previous bond issue in April 2012.

Connect with Nassau County Comptroller Maragos Online:
http://www.nassaucountyny.gov/agencies/Comptroller/index.html