'How one of the richest communities in the U.S. went broke'

from bloomberg..............


"Nassau is among the nation's wealthiest counties—and the richest in New York—as measured by per capita income. It has 1.3 million residents and a median household income of nearly $95,000. There are 37 private golf courses. It's the kind of place where a home might be listed for $25 million and described as "inspired by Marie Antoinette's Le Petit Trianon." Even the Garden City Water Works is housed in an elegant, medieval-looking brick building from the 1870s.

Not surprisingly, it is an expensive place to live. Property taxes are close to $9,000 on average, the second highest in the U.S. after New York's Westchester County.

It is also broke"................read it here