... Bonds 2016 Refunding Series A, $120,140,000 General Improvement Bonds 2016 Series B, $25,300,000 Bond Anticipation Notes 2016 Series A. Series A bonds and bond anticipation notes (BANs) scheduled to sell via negotiation the week of Jan. 25 and Series B scheduled to sell via competition the week of Feb. 1. Security: The full faith and credit and taxing power of Nassau County, subject to a 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (tax cap law). This limit can be overridden annually by a 60% vote of the county legislature. Purpose: Series A bonds will refund all or a portion of certain outstanding bonds of the county. Series B proceeds will fund various public purposes, including capital projects and employee separation payments. The notes are being issued to finance various sewer system improvements. Bond and note proceeds will also be used to pay costs of issuance. Final Maturity: Series...
