Private investor eyed to buy Nassau's debt

Originally published: September 18, 2012 8:01 PM
Updated: September 18, 2012 9:58 PM
By CELESTE HADRICK AND LAURA FIGUEROA celeste.hadrick@newsday.com,laura.figueroa@newsday.com

Photo credit: Howard Schnapp | Nassau County Executive Edward Mangano (March 19, 2012)

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Nassau County Executive Edward Mangano

Nassau is proposing a novel plan for a private investor to buy $20 million in county debt to get around Democrats who blocked County Executive Edward Mangano from borrowing to pay property tax refunds this year.

The private investor would pay some 18,000 homeowners who have been waiting a year for their tax refunds, while the county would pay back the investor over time from operating revenue.

County...

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