A state board that manages Nassau County’s finances has approved a refinancing of up to $1.4 billion in debt to handle the economic shortfall during the pandemic.
The Nassau Interim Finance Authority said the debt restructuring will save the county $435 million over the next two years and prevent deep budget cuts and staff layoffs.
The Nassau Legislature gave the authority permission to refinance in December.
The deal allows the authority in exchange for first rights to sales tax due to Nassau to stay in operation.
