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Article: Nassau County's New Sewer Agency Readies First of Many Bond Deals.
- Article from:
- The Bond Buyer
- Article date:
- April 5, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Armed with at least one A-level rating, the Nassau County, N.Y., Sewer and Storm Water Finance Authority is expected to kick off a $181 million debt restructuring later this month with the sale of $33.8 million in auction-rate securities.
The authority, which was created last year through new state legislation, is planning to restructure a large chuck of Nassau County's nearly $500 million in sewer and storm water debt over the next four years and plans to sell $80 million this year beginning the week of April 26 with its debut deal.
Bear, Stearns & Co., which was the underwriter on Nassau's recent tax anticipation note sale, is senior manager on this ...