About NIFA

What We Do

The Nassau County Interim Finance Authority ("NIFA") is a corporate governmental agency and instrumentality of the State of New York constituting a public benefit corporation created by the Nassau County Interim Finance Authority Act, Chapter 84 of the Laws of 2000, as supplemented by Chapter 179 of the Laws of 2000 and as amended from time to time (the "Act").

NIFA (the "Authority") is empowered to issue its bonds and notes for various Nassau County purposes, including the restructuring of a portion of the County's outstanding debt. In addition, the Authority has certain powers under the Act to monitor and oversee the County's finances, including Covered Organizations, and upon the declaration of a "control period," additional oversight authority.

In the absence of a control period, the Authority is empowered, among other things, to review financial plans submitted to it; to make recommendations or, if necessary, adverse findings thereon; to monitor compliance; to make transitional State aid available as it determines; to comment on proposed borrowings by the County and Covered Organizations; and to impose a control period upon making one of the statutory findings.

A control period will occur upon the Authority's determination that any of the following events has occurred or that there is a substantial likelihood and imminence of its occurrence: (1) the County shall have failed to pay the principal of or interest on any of its bonds or notes when due or payable; (2) the County shall have incurred a major operating funds deficit of 1% of more in the aggregate in the results of operations during its fiscal year assuming all revenues and expenditures are reported in accordance with generally accepted accounting principles; (3) the County shall have otherwise violated any provision of the Act and such violation substantially impairs the marketability of the County's bonds or notes; (4) the County Treasurer's certification at any time, at the request of the Authority or on the County Treasurer's initiative, that on the basis of facts existing at such time, the County Treasurer cannot make the certification that securities sold by or for the benefit of the County in the general public market during the fiscal year immediately preceding such date and the then current fiscal year are satisfying the financing requirements of the County during such period and that there is a substantial likelihood of a similar result from such date through the end of the next succeeding fiscal year; or (5) if, in regard to the County's financial plan covering the County and the Covered Organizations, the County fails to make the required modifications after reductions in revenue estimates, or to provide a modified plan in detail and within such time period required by the Authority.

During a control period the Authority shall withhold transitional State aid and is empowered, among other things, to approve or disapprove proposed contracts and borrowings by the County and Covered Organizations; approve, disapprove or modify the County's financial plan; issue binding orders to the appropriate local officials; impose a wage freeze; and terminate the control period upon finding that no condition exists which would permit imposition of a control period.

Mission Statement and Measurement Report

Directors and Staff

Organizational Chart

List of Committee Members

The Authority is governed by a board of seven directors, each appointed by the Governor, one each upon the recommendation of the Majority Leader of the State Senate, the Speaker of the Assembly and the State Comptroller. Four directors constitute a quorum for meetings of the directors of the Authority. The Governor also designates the chairperson and vice-chairperson from among the directors.

Richard Kessel - Chairman & Director

Appointing Entity: Governor, State of New York
Appointment Date: October 13, 2023
Term Expiration: December 31, 2024

Charo Ezdrin - Director

Appointing Entity: Governor, State of New York (Recommendation of Speaker of the Assembly)
Appointment Date: March 10, 2022
Term Expiration: December 31, 2025

Mohsin Y. Meghji - Director

Appointing Entity: Governor, State of New York (Recommendation of the Senate Majority Leader)
Appointment Date: February 8, 2021
Term Expiration: December 31, 2021 (currently serves as a holdover)

Lester Petracca - Director

Appointing Entity: Governor, State of New York
Appointment Date: September 18, 2013
Term Expiration: December 31, 2016 (currently serves as a holdover)

Christopher P. Wright - Director

Appointing Entity: Governor, State of New York (Recommendation of NYS Comptroller)
Appointment Date: March 10, 2022
Term Expiration: December 31, 2025

John Zaso - Director