Nassau County Executive Edward Mangano plans on filing a lawsuit on Monday to block the Nassau Interim Finance Authority from taking control of the county’s $2.6 billion budget.

The NIFA board voted unanimously Wednesday to take control of the county’s finances that
allegedly are facing a $176 million deficit.

During a press conference yesterday, Peter Schmidt, presiding officer of the county legislature, admitted that he had been ordered from the Mangano administration to remove Nassau County funds, estimated at $82 million seven months ago, from a Wells Fargo bank.

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