Lindenhurst Seeks to Refi Several Bonds

Among the topics discussed at last Tuesday night’s Board of Trustees meeting at Village Hall was bond refinancing.

Refinancing Bonds
The Village is looking to refinance several bonds it took out in 2001, 2002, 2003 and 2004 to save interest rate payments during the next five to seven years.

The hope is to be able to obtain interest rates in the 1.5 to two percent range, as opposed to the current rates, which are in the range of four to five percent.

"We're in a position to refinance those bonds, and we could save as much as $88,000 to $90,000 during the next seven years," Village Administrator Cullinane explained.

“The climate is good now for better rates. And there'd be no extended period,” he added.

Firehouse
Mayor Tom Brennan was pleased to hear that, and said being able to obtain lower interest rates on bonds could positively affect the ultimate cost of the new main firehouse of the Lindenhurst Fire Department - which was estimated to be approximately $6 million.

However, Brennan and Cullinane both said at the time of the public meeting back in June, and Cullinane reiterated at last Tuesday’s meeting, the $6 million figure was at the high end, calling it the “worst-case scenario” since the Village figured in higher interest rates just to be safe.

The idea, according to the Village, is to go for the lower interest rates for the rebuilding of the firehouse - which has been in dire need of repair for the last several years and has been determined it needs to be rebuilt instead of simply repaired to accommodate new safety standards, bigger equipment and a safe environment for the volunteer staff.

Currently, the committee overseeing the project -which includes the mayor, several trustees, the fire chiefs, members of the Lindenhurst Historical Society and civic leaders - continues to meet, and is looking to go out for an RFP soon, according to the mayor.

Related:

• Talk Back Poll: Do You Support Building a New Firehouse?
• Lindenhurst Main Firehouse to Be Rebuilt for $6M
• Public Meeting Regarding Firehouse Is Set
• LFD Holding Open House on Sunday