Prudent financial administration since 1815 had made possible the conversion of the state bonds from 5 to 3%.
Financed by state bonds, the new building would contain 300,000 to 350,000 square feet.
After 1998 a new series of state bonds was issued.
Long Island's share of money from the $1.75 billion state environmental bond act approved last month should start flowing in 1997.
Also, voters rejected the last two state bond acts, in 1990 and 1992.
Much of its current health is attributable to a state bond act passed in the 1960's.
These grants are the last available under state bond issues that have financed this program.
The right to go to party meetings or to buy state bonds?
The proceeds would help pay off more than $285 million in state bonds on the properties.
The cost of the project is to be covered by a $5.7 million tax-exempt state bond.
