Albany, NY (December 8, 2016) – Gerrard P. Bushell, President and CEO of DASNY, announced today Albany Public Library will save approximately $4 million over the next 20 years as a result of DASNY’s refunding of approximately $23 million of the Library’s bonds. At least a portion of the $200,000 in annual debt service payment savings will be returned to taxpayers.
The refunded bonds were originally issued in 2007 by DASNY after voter approval to finance the Albany Public Library’s Branch Improvement Plan. Under the plan, three library branches were renovated and two new branches were constructed. Those libraries—Arbor Hill/West Hill, Bach, Delaware, Howe, and Pine Hills—opened between November 2009 and June 2010.
“DASNY is proud to partner with Albany Public Library and support the role it plays as a center for learning, gathering and advancement in its community,” Bushell said. “This refunding is a testament to DASNY’s effort to provide libraries in New York State with a low-cost financing alternative that helps them better serve New Yorkers.”
“The Library is pleased to provide a significant savings to Albany taxpayers through the bond refinancing project. Our careful and prudent stewardship of the Library’s finances is evidenced by the excellent credit rating assigned by Moody’s Investors Service. That Aa1 rating helped pave the way for a very successful sale of our Branch Improvement Plan bonds, resulting in a savings of $4 million to the people of Albany,” said Scott Jarzombek , Albany Public Library Executive Director. “We appreciate the hard work and counsel of the Dormitory Authority of the State of New York during this intricate, but ultimately rewarding project.”
“The New York Library Association commends the Albany Public Library and DASNY for their partnership, which demonstrates responsible and effective stewardship of public assets,” said Jeremy Johannesen, NYLA Executive Director. “The savings realized through this effort will afford APL greater resources to direct toward advancing its mission and serving the community.”
The Albany Public Library operates seven branches in the City of Albany. Each month, about 74,000 people use the libraries to borrow materials, attend programs, access computers, and research information. More than 85,000 books, DVDs, and other materials are circulated each month. The libraries provide 45,000 WiFi sessions and 13,000 public computer sessions monthly.
The original bonds for Albany Public Library’s Branch Improvement Plan were 30-year bonds with a par of $29.1 million. The Library’s elected Board of Trustees will determine how to distribute the savings from the refunding, some of which will be passed on directly to taxpayers.
More than 50 libraries across New York State have legislative authorization to obtain financing and construction services from DASNY. Libraries seeking these services should contact DASNY to learn more.