§ 1232. Legislative intent. The state legislature hereby recognizes
that the creation of a Nassau county sewer and storm water finance
authority will be an effective mechanism to achieve substantial savings
for past and prospective sewer and storm water capital investments.
Moreover, such authority will help ensure the health and well-being of
all Nassau county residents and promote local environmental protection.
As such, the state legislature herein effectuates these laudable public
purposes through the establishment of said authority for the specific
and limited objective of refinancing outstanding sewer and storm water
debt issued by or on behalf of the county and financing future sewer and
storm water projects. In no manner is this legislation designed to alter
the county's administration or delivery of sewer and storm water
services to county residents nor is the authority intended to impose any
additional pecuniary burden on its ratepayers. As a vehicle expressly
created to consolidate existing sewer districts, refinance debt, provide
a means for financing new debt and prepare for pending federal storm
water regulatory requirements, the authority will serve as an important
tool to aid the county's fiscal recovery and benefit county taxpayers.
Further, the State legislature recognizes that the enactment of chapter
three hundred fourteen of the laws of two thousand three, extending the
oversight capacity of the Nassau county interim finance authority (NIFA)
through calendar year two thousand seven, together with the chapter of
the laws of two thousand three which added this title, offers an
opportunity for NIFA to continue financing the county's tax certiorari
settlements, thereby providing additional budgetary relief and fiscal
stability.