Post by onthejob on Dec 6, 2011 14:53:14 GMT -5
Nassau rules panel OK's up to $400G for privatizing help
Monday December 5, 2011 6:26 PM By Sid Cassese
The Nassau Legislature’s Rules Committee approved a fee of up to $400,000 to pay financial services firm Morgan Stanley for helping Nassau find a company to take over its municipal sewer system.
So far the firm has earned $24,500 for checking out the qualifications of four companies it vetted and recommended for consideration. The $400,000, paid in four quarterly payments, would be for helping pick one or more of them and for helping to structure the parameters of the operation.
If one or more of these companies actually take over operation of the county’s sewer system, with the county receiving proceeds that total at least $500 million, the financial service firm will get a minimum of $5 million, said Timothy Sullivan from the county’s Office of Management and Budget. Morgan Stanley’s contract calls for it to get 1 percent of the proceeds.
Monday December 5, 2011 6:26 PM By Sid Cassese
The Nassau Legislature’s Rules Committee approved a fee of up to $400,000 to pay financial services firm Morgan Stanley for helping Nassau find a company to take over its municipal sewer system.
So far the firm has earned $24,500 for checking out the qualifications of four companies it vetted and recommended for consideration. The $400,000, paid in four quarterly payments, would be for helping pick one or more of them and for helping to structure the parameters of the operation.
If one or more of these companies actually take over operation of the county’s sewer system, with the county receiving proceeds that total at least $500 million, the financial service firm will get a minimum of $5 million, said Timothy Sullivan from the county’s Office of Management and Budget. Morgan Stanley’s contract calls for it to get 1 percent of the proceeds.