Nassau and Suffolk counties are planning to issue short-term notes and sharply raise property taxes if New York lawmakers reject requests for permission to cover fiscal 1992 budget gaps through deficit bonding, county officials said.

Those backup plans came to light after the state Legislatures ended its 1992 session deadlocked over the bonding requests and a number of other issues. Both Long Island counties face large projected budget gaps for fiscal 1992, which ends Dec. 31.

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