Record Refinancing Buys Nassau County Reprieve From Tax Hit
- County selling $1.1 billion of bonds backed by sales taxes
- Joins wave of governments refinancing as yields hold near lows
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Residents of New York’s Nassau County, the stretch of Long Island where property taxes are among the highest in the nation, are getting a reprieve, thanks to a rally in the municipal-bond market.
Seizing on interest rates that are holding near the lowest in more than six decades, the county sold $1.1 billion of bonds Thursday, the largest refinancing in the county’s history. The step will pay off previously issued securities, push out looming debt payments, and provide cash to cover budget shortfalls left by the pandemic.