Nassau County, N.Y., officials are pushing for state legislation that would allow it to refund bonds issued by the Nassau County Interim Finance Authority. While the county's immediate concern is taking out $719 million of auction-rate securities, the ultimate goal is to get rid of NIFA, said Thomas Stokes, deputy county executive for management, budget, and finance.

"We believe its time for Nassau County to take control of its own destiny and refund the NIFA bonds," Stokes said. "We believe we can price just as well if not better in the market" than NIFA.

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