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A bid by Suffolk and Nassau counties to gain state permission to borrow hundreds of millions of dollars to cover lingering debts is dead, a key lawmaker said Tuesday.
The proposal drew significant political opposition and state lawmakers said they could not reach an agreement on the initiative which would have allowed each county to issue bonds up to $500 million. Backers said the counties needed more financial flexibility to recover from superstorm Sandy. But with three days left in the 2013 legislative session, the proposal apparently has hit a dead end.
Suffolk is no longer requesting it, said Assemb. Robert Sweeney (D-Lindenhurst), dean of the Suffolk Assembly delegation.
The state Senate introduced a bill late Monday night to allow for the borrowing and Senate co-leader Dean Skelos (R-Rockville Centre) said it was still being discussed. But the Assembly failed to introduce the measure, a sign showing its reluctance.
A day earlier, Nassau Democrats assailed the plan, saying it would allow the Mangano administration to sidestep the Nassau Interim Finance Authority, a state panel that controls county finances.
Suffolk and Nassau officials have said Suffolk originated the proposal.