Spin Cycle

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As Nassau County Executive Edward Mangano struggles to propose a balanced budget for next year by Sept. 15, the county’s control board is exploring the possibility of refinancing $250 million  to $350 million in outstanding Nassau debt.

The move by the Nassau Interim Finance Authority to replace high-interest debt with lower-interest debt could save the county up to $20 million, according to County Comptroller George Maragos. Maragos has projected the county will end this year with a $45 million deficit.

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Maragos, who founded and ran a private financial investment firm before he was elected comptroller in 2009, had suggested in late 2010 that NIFA could save Nassau money by refinancing some of the debt the state board had issued on the county’s behalf.

“NIFA should act expeditiously and should not miss the opportunity to refund all callable county debt at the prevailing low interest rates,” Maragos said in a statement after the NIFA board on Thursday directed staff to look into refinancing the debt.

Photo: Nassau comptroller George Maragos in his Mineola office. (July 13, 2012)