The New York State Legislature approved a deficit-bond bailout plan for Nassau County yesterday, while a similar plan to help Suffolk County close a budget gap remains in limbo, legislative sources said.

The Legislature, which approved Nassau's plan during a special session, agreed to allow the financially strapped county to issue as much as $65 million of deficit bonds with maturities of up to six years. It also agreed to raise its mortgage-recording tax to 2% from 1% to cover a $135 million gap in its fiscal 1992 budget, which ends Dec. 31.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.