Nassau County's plan to sell up to $250 million of tobacco-settlement bonds has evolved into a war of words between County Executive Thomas Gulotta and County Comptroller Fred Parola, as Parola criticizes Gulotta's use of a tobacco settlement securitization to fund a shortfall in revenues for the fiscal year 2000 county budget.

The Nassau County executive has proposed increasing the securitization of the tobacco settlement funds to $275 million from the initial proposal of $175 million, using $145 million of the securitization's proceeds to cover a deficit in the current fiscal year and raise $50 million for each of next three years to meet anticipated revenue shortfalls.

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