Statement From Nassau County Executive Ed Mangano On NIFA's Actions
NIFA has it wrong. The 3P is Not a Loan or Borrowing
(Winston And Strawn Legal Opinion)
“The NIFA board is clearly confused about the potential public-private partnership for Nassau's sewage treatment plants - which are in a state of disrepair and face fiscal crisis. The public-private partnership is not a loan or borrowing.
I have presented several options to the public to prevent the impending fiscal crisis that NIFA warned the County about in its October 2009 report, which stated the Nassau County Sewer Authority faces financial problems as, ‘…substantially all of the fund balance will be gone and significant tax increases in the fund will be needed.’
Comments made by NIFA board members demonstrate their lack of understanding of public-private partnerships. The County has a legal opinion that the transaction is not a borrowing (see attached). Moreover, the proposed plan reduces Nassau’s debt by 25%, from $3 billion to $2.25 billion.
I have spent two years cleaning up Democrat deficits, repealing taxes and cutting millions in wasteful spending. I have reduced the workforce by 20% and implemented other successful public-private partnerships that save over residents $40 million annually in higher taxes. No other politician has done more to protect our residents’ wallets and I have every intention of revisiting this debt reduction and sewer stabilization plan with NIFA.”