12/29/06

Contact: Shawn Cullinane, 631-957-7504

VILLAGE OF LINDENHURST EARNS A2 BOND RATING FROM MOODY’S INVESTORS

Bond Raters Praise Mayor Brennan, Village Board for Fiscal Prudence/Lower Interest Rates Allow the Village to Invest in Critical Community Project 

Lindenhurst Village Mayor Tom Brennan announced that Moody’s Investors have once again awarded the Village of Lindenhurst with an A2 bond rating. In a recent review of the Village’s finances and budget practices, Moody’s hailed the Village for its sound financial policies, low overall debt and capability to retire much of its outstanding debt in the near future. As a result of this solid rating, the Village is able to borrow money for vital Capital projects and major purchases at lower interest rates, that in-turn will allow Village taxpayers to keep more of their hard-earned money.

In addition, the Board announced that because of this sound bond rating, the

Village Board of Trustees has authorized and secured $1.9 million in serial bonds at a low interest rate of 3.9%. The bond proceeds will be invested back into the Village in the form of various infrastructure improvement projects and major equipment purchases that will continue to benefit the quality of life for Lindenhurst residents.

“For the last several years my colleagues and I on the Village Board have worked tirelessly to not only improve the lives of our residents, but to control spending, keep taxes low and ensure that the Village is operating efficiently,” said Lindenhurst Village Mayor Tom Brennan. “By implementing smart budgeting policies the Village is able to save money for Village taxpayers and still invest in several critical community projects.”

Trustee Mike Lavoratta said, “Thanks to the leadership of Mayor Brennan and the Village Board, the Village of Lindenhurst will continue to make dramatic improvements to our parks, roadways and services. We are proud of our achievements and are excited about the projects that are in the planning stages.”

Village Clerk and Treasurer Shawn Cullinane stated, “This positive bond rating from Moody’s is a testament to our hard work and ongoing efforts over time. We are constantly watching our spending, maximizing our revenue sources, obtaining state and federal grants and funding wherever possible, creating new efficiencies in our operations, and keeping our overall debt at a very conservative and manageable level.”

Among the areas slated for nearly $2 million in proposed Capital improvement programs for the Village of Lindenhurst include:

·        Purchasing of new DPW equipment;

·        Purchasing a new pumper for the Lindenhurst Fire Department and funding to design a proposed new Fire Department Main House;

·        Improvements to Village roadways and drainage system;

·        Renovations and upgrades to Village parks, playgrounds and Marina;

·        New downtown revitalization projects including acquisition of new space for parking, enhancing to the Village Square

“We are pleased to continue our efforts to make the Village of Lindenhurst a better place for our families and our livelihoods,” Mayor Brennan said. “Our goal is to continue planning and looking to the future. This bond funding provides us with another tool to enhance our Village sponsored programs and improve services for years to come.”

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