North Hempstead Saves $438K For Taxpayers With Bond Refinancing

NORTH HEMPSTEAD, NY — The Town of North Hempstead has refinanced more than $7 million in outstanding bonds, saving hundreds of thousands of dollars for taxpayers.

The town refinanced $7,375,000 in bonds at a lower interest rate, resulting in a savings of $438,180, North Hempstead Supervisor Judi Bosworth said.

“We are always looking for ways to save money for our taxpayers,” Bosworth said. “Together with our financial advisors, we were able to identify this great opportunity to refinance our existing bonds and save significant dollars. We will continuously work to ensure that North Hempstead remains on solid financial footing for years to come.”

The town will refinance bonds from 2008 through 2010, creating more than $180,285 in savings for the town and $257,895 for the special districts.

Last month, North Hempstead's top bond rating was reaffirmed by independent ratings agency Moody’s Investor Service for the fourth consecutive time. The town has also been recognized for excellence in financial reporting by the Government Finance Officers Association with a Certificate of Achievement for excellence in Financial Reporting.