Leaders of the New York State Legislature and Gov. Mario M. Cuomo have reached an agreement that would allow Nassau and Suffolk counties to issue bonds to cover budget gaps and would place a jobs-creating bond act on the November ballot.

The accord, reached on Sunday, would also give New York City authority to issue bonds through negotiated sale, and expand the power of the state's thruway authority to fund economic development projects and take over the state's barge canal system. In addition, lawmakers agreed to give the State Job Development Authority the power to issue $150 million bonds.

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