Suffolk County

Smithtown Special Library District, Rogers Memorial Library Company and Comsewogue Public Library: Financing

Suffolk County Libraries

DASNY Helps Suffolk County Libraries Reinvest in Their Communities

Project: Smithtown Special Library District, Rogers Memorial Library Company and Comsewogue (Suffolk County) 

DASNY’s Role: By refunding bonds, DASNY enabled a savings of $2.8 million in debt service payments for Smithtown Special Library District, Rogers Memorial Library Company and Comsewogue Public Library. 

Details: By bundling the financing for these three entities, DASNY enabled all three to achieve economies of scale by sharing the costs of issuance. 

Impact: DASNY plays an important role by reducing our customers’ borrowing costs. Smithtown Library saved more than $2 million in the refunding to the benefit of residents. The savings allowed the library to redefine itself to reach community demand in more ways, including through dynamic programming, increased electronic downloadable items, 3D printers and scanning devices at all four of the district’s buildings.