Well it finally happened, the bubble burst, and Mr. Gulotta and that Republican hierarchy on Long Island have busted Nassau County's back.

Our fiscal rating is now just above garbage-this is the fate of the so-called wealthiest county in the nation.

But how to solve the problem of the enormous deficit? Well, as once so appropriately and eloquently stated by the Bard of Avon in Hamlet¬''That is the question.''

Mr. Gulotta has probed and stabbed at all sorts of Band-aid deals, each requiring legislation and almost another government to accomplish.

Mr. Gulotta, I have lived in Nassau County since 1955¬I love it here, my five children have established their homes here and therefore it is safe to say that I want to live out my life here.

On the above basis let me offer and propose a very viable solution to the existing deficit. I believe that this is a simplistic solution to a very complex problem.

Solution One¬There are 1.2 million people living in Nassau County, the deficit is approximately $300 million. Bill the citizens of Nassau County, on per capita basis¬$300 each and there is the money to eliminate the deficit.

Solution Two¬There are approximately 450,000 residences in the county, bill each residence $650, there again is your $300 million to clear the deficit.

Take your choice but however, Mr. Gulotta, and you too, the Nassau County Legislature, remember this is a one shot deal. I firmly believe that we the residents should never have to repeat this solution again. To make it palatable to all, you can even allow an installment program of three equal payments to ease the financial impact. Immediately after, if not before this, you must establish and put in place a Fiscal Supervisory Board, not of just politicians (they have proven to be the problem and not the solutions) but of the business community to institute a sound business environment for the future of Nassau County.

The above will again restore the integrity of Nassau County, allow for a cut in the size of government itself, and allow people to enjoy this Island and their lives.

Remember this one-time solution, there will be no second chance and then remember it's time for a change. Enough is enough!

Francis T. Goban