Nassau Freedom Revealed in Buffalo Losing Oversight: Muni Credit
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Nassau, New York’s wealthiest county, can take lessons from Buffalo, its poorest city, on how to win back financial independence from a state oversight board.
Eighteen months after Nassau’s fiscal affairs were taken over, County Executive Edward Mangano failed last week to get permission from lawmakers to sidestep the state panel and borrow $40 million to pay tax refunds. Instead, the Long Island suburb of 1.3 million, which has seen its relative borrowing costs climb in the past month, will tap reserves.