A state judge last week stayed a takeover of Nassau County’s finances by a state-appointed oversight panel. The Friday decision by Supreme Court Justice Arthur M. Diamond maintains the status quo in the legal battle between the county and the Nassau County Interim Finance Authority (NIFA), pending the judge’s ruling at a later date on whether to grant a preliminary injunction that, if imposed, would prevent NIFA from exercising control over the county’s finances. The stay postpones Nassau County’s scheduled submission set for today of its revised budget to NIFA until Justice Diamond’s decision on the preliminary injunction.
NIFA unanimously voted last month to take control of Nassau’s finances, citing an approximately $176 million deficit in the budget. Nassau County filed an Article 78 action in response, contending that its finances are balanced and NIFA was premature in its actions. Among its powers, NIFA can approve contracts and borrowing.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
