Bill would allow Nassau to borrow $305M for tax refunds

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Nassau County Executive Edward Mangano is seeking a Nassau County Executive Edward Mangano is seeking a majority vote from the county legislature to issue bonds of up to $305 million to pay property-tax refunds under a bill introduced last night by state Senate Republicans. (June 6, 2013) Photo Credit: Howard Schnapp

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Nassau County would get state permission to borrow $305 million to pay property-tax refunds, under a bill introduced last night by state Senate Republicans.

Under the bill, Nassau County Executive Edward Mangano would just need a majority vote from the county legislature to issue bonds up to $305 million. It says he wouldn’t have to go through the Nassau Interim Finance Authority to obtain permission to borrow.

The bill’s chances are uncertain, as lawmakers move into the final days of the 2013 legislative session. Importantly, no one in the Democrat-controlled Assembly has signed on to sponsor the bill yet.

 The attempt to fix Nassau’s finances comes just two weeks after Democrats, in a committee vote in the county legislature, voted to block a proposal to borrow $183 million the county owes for tax settlements.

 

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