Suffolk County misses interest payment, technically defaults

New York /
Apr.April 24, 2013 10:00 AM

Suffolk County, home to the Hamptons and some of the country’s poshest homes, accidentally missed an interest payment on its debt, CNBC reported. The gaffe, which includes a missed payment on $76.1 million of public improvement bonds, leaves the county technically in default.

Though per-capita income in Suffolk County is well above the national average, it has been mired in recent financial difficulties, declaring a fiscal emergency last year after an independent task force predicted a three-year deficit of $530 million, according to CNBC. Local officials said last month that the county could see a $250 million deficit by the end of 2014. 

The missed payment was for the paltry sum of $722.65 and appears to have been purely an oversight on the part of M&T, the county’s escrow agent.

“The county informed M&T of its error, and the escrow agent immediately wired the $722.65 payment to DTC,” a regulatory filing said. [CNBC] –Hiten Samtani


Related Articles

arrow_forward_ios
Beechwood Organization's Steven Dubb and a previous rendering of Country Pointe Elwood (Beechwood Homes)
Developer nixes age restriction on 385 homes planned at elusive Elwood site
Developer nixes age restriction on 385 homes planned at elusive Elwood site
Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
Julia Koch revealed as buyer of dated $70M Southampton estate
Julia Koch revealed as buyer of dated $70M Southampton estate
Prison, Broker
Broker sentenced over exploiting 91-year-old for $8.5M in mortgage loans
Broker sentenced over exploiting 91-year-old for $8.5M in mortgage loans
(iStock)
Hamptons rental market slumps. Yes, slumps
Hamptons rental market slumps. Yes, slumps
Clockwise from top left: Eric and Bridget Elkin, Diane Mollica, Liz and Lisa Gillooly and Sarah Frigo (Compass)
Compass aims to grow its North Fork agent count fivefold
Compass aims to grow its North Fork agent count fivefold
A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
Holdout threatens massive Long Island development
Holdout threatens massive Long Island development
DoorDash's Tony Xu with 51 Eads Street and 6133 Jericho Turnpike
Startup plans LI convenience stores that shoppers can’t enter
Startup plans LI convenience stores that shoppers can’t enter
From left: The Beechwood Organization's principal Steven Dubb and founder Michael Dubb in front of a rendering of Country Point Elwood in Huntington (The Beechwood Organization, iStock)
Beechwood plans 385 townhomes on North Shore
Beechwood plans 385 townhomes on North Shore
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...