Nassau, Suffolk, N.Y. Institute tender for auction variable-rate bonds

By Devika Patel

Knoxville, Tenn., Feb. 11 - The trustee for Nassau County and Suffolk County in New York and the New York Institute of Technology, along with the Bank of New York Mellon, announced a tender offer for the counties' and the institute's series 2000A select auction variable-rate securities at par on March 2.

The reason for the tender is that the bonds are to convert to fixed-rate interest bonds from auction-rate interest bonds on March 2.

Nassau has $20.55 million of the bonds outstanding. Suffolk has $41 million of the bonds and the Institute of Technology has $38.35 million of the bonds outstanding.

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