UNIONDALE - The Nassau Interim Finance Authority today rejected a contract with Morgan Stanley, concerning the privatization of the county's sewer system. The Nassau County rules committee had approved a contract with Morgan Stanley to have them find an investor that would lend the county $750 million, in exchange for receiving a profit to run the county sewer system. This afternoon, the Nassau Interim Finance Authority rejected the contract, calling it a bad idea. The privatization of the sewer system has been a controversial topic in the past few weeks. Nassau County Executive Ed Mangano has said privatizing the sewer systems would save the county millions of dollars, while Democrats say it would drive up costs.