East New York Posted January 5, 2011 Share #1 Posted January 5, 2011 NEW YORK - Already struggling to meet its financial obligations to the MTA, Nassau County may have to pay the transit agency an additional $20 million following a state court's decision in a lawsuit stemming from a financial deal made between the two sides 15 years ago. According to the suit, the Metropolitan Transportation Authority lent "the cash-strapped county" $51 million in 1996 in a "2-for-1" agreement in which Nassau agreed to pay back twice that sum in funds for MTA capital projects in Nassau. Nassau issued bonds to raise the full $102 million and made good on $89 million of the capital funding it had committed to the MTA. But, according to the suit, in 2001 the county filed a lawsuit looking to get out of the agreement, arguing that the MTA had overstepped its authority in making the deal. The MTA in April filed a counterclaim arguing that Nassau illegally reneged on its agreement. State Supreme Court Justice Barbara Kapnick, in a Dec. 22 decision, granted the MTA's legal claim "in its entirety" -- ordering Nassau to pay the $13.6 million it owes the MTA from the original deal, up to $7.3 million in further capital funding, interest on the debt and attorneys' fees. See full story at http://www.masstransitmag.com/publication/article.jsp?siteSection=3&id=13308 Link to comment Share on other sites More sharing options...
SoSpectacular Posted January 5, 2011 Share #2 Posted January 5, 2011 Eat THAT, Nassau County!! Link to comment Share on other sites More sharing options...
Joel Up Front Posted January 5, 2011 Share #3 Posted January 5, 2011 And then Mangano will cry broke more. Link to comment Share on other sites More sharing options...
mark1447 Posted January 5, 2011 Share #4 Posted January 5, 2011 Yeah Mangano is gonna lose all is cloths too, he used the money of Nassau to buy that junk. Link to comment Share on other sites More sharing options...
aemoreira81 Posted January 5, 2011 Share #5 Posted January 5, 2011 Yeah Mangano is gonna lose all is cloths too, he used the money of Nassau to buy that junk. The sins though were committed by Tom Gulotta in his last of 15 years in office. Given that Ed Mangano does not have final say over the budget (he submits it to the Nassau Interim Finance Authority, which has the final say), I suspect that Long Island Bus is safe until March 31, 2012. NIFA will find the money. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted January 5, 2011 Share #6 Posted January 5, 2011 See full story at http://www.masstransitmag.com/publication/article.jsp?siteSection=3&id=13308 Things are bad when the MTA can't steal from one island (Staten Island) anymore to give to another "poor" island (Long Island). Or maybe they'll just hike the Verrazano up to $20.00 next year to help with the difference. Link to comment Share on other sites More sharing options...
Joel Up Front Posted January 5, 2011 Share #7 Posted January 5, 2011 I'd find an image macro to post, but don't want to ruin it... I'm still hoping to run into one of these new 1800s that have runboxes and pullcords. Link to comment Share on other sites More sharing options...
Gramps Posted January 6, 2011 Share #8 Posted January 6, 2011 Yeow ! Link to comment Share on other sites More sharing options...
East New York Posted January 6, 2011 Author Share #9 Posted January 6, 2011 Surplus this year anyone?? Link to comment Share on other sites More sharing options...
MHV9218 Posted January 6, 2011 Share #10 Posted January 6, 2011 Please, watch the Nazi Banksters Crimes Ripple Effect at http://jforjustice.co.uk/banksters Link to comment Share on other sites More sharing options...
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