Over the objections of its financial overseer, Nassau County, N.Y., is moving ahead with its plan to award a long-term lease of its sewer system. Thirteen financial firms responded to a wide-reaching RFI in mid-July and all agreed to commit to pay an upfront fee of at least $700 million, the county said.

The overseer has the power to approve contracts and debt. Winston & Strawn has advised the county that the deal structure proposed by financial advisor Morgan Stanley would rely on nonrecourse debt, and, therefore, would “not result in the incurrence of debt by the county.”