3961 – Declaration of Need for Financial Assistance to the County.
§ 3961. Declaration of need for financing assistance to the county. 1. The county shall determine and declare whether it requests the authority to undertake a financing of costs for the county or any covered organization. Any such request shall be made by and through the county executive after approval by the legislature. Any such […]
3962 – Bonds, Notes or Other Obligations of the Authority.
§ 3962. Bonds, notes or other obligations of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds, notes or other obligations in such principal amounts as it may determine to be necessary pursuant to section thirty-nine hundred sixty-one of this title to pay any […]
3963 – Remedies of Bondholders.
§ 3963. Remedies of bondholders. Subject to any resolution or resolutions adopted pursuant to paragraph (f) of subdivision six of section thirty-nine hundred sixty-two of this title: 1. In the event that the authority shall default in the payment of principal of or interest on any issue of bonds, notes or other obligations after the […]
3964 – Intercept of County Tax Revenues and State Aid Revenues.
§ 3964. Intercept of county tax revenues and state aid revenues. 1. Commencing on the effective date of this title, and until December thirty-first, two thousand thirty-nine, the state comptroller shall pay county tax revenues at least monthly to the authority in accordance with section twelve hundred sixty-one of the tax law. During such period, […]
3965 – Resources of the Authority.
§ 3965. Resources of the authority. 1. Subject to the provisions of this title, the directors of the authority shall receive, accept, invest, administer, expend and disburse for its corporate purposes all moneys of the authority from whatever source derived including (a) revenues and (b) proceeds of bonds, notes or other obligations. 2. Subject to […]
3966 – Agreement With the State.
§ 3966. Agreement with the state. 1. The state does hereby pledge to and agree with the holders of any issue of bonds, notes or other obligations issued by the authority pursuant to this title and secured by such a pledge that the state will not limit, alter or impair the rights hereby vested in […]
3957-A – Efficiency Incentive Grants.
§ 3957-a. Efficiency incentive grants. Along with the county financial plan commencing with the county’s two thousand six fiscal year, the county shall develop and submit to the authority a plan for achieving recurring savings through innovations and reengineering. Subject to appropriations therefor in the state fiscal years two thousand six–two thousand seven through two […]
3873 – Separability; Construction.
§ 3873. Separability; construction. If any clause, sentence, paragraph, section, or part of this title shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section, or part thereof involved […]
3950 – Short Title.
§ 3950. Short title. This title shall be known and may be cited as the “Erie county fiscal stability authority act”.
3950-A – Legislative Declaration of Need for State Intervention.
§ 3950-a. Legislative declaration of need for state intervention. The legislature hereby finds and declares that the county of Erie is facing a severe fiscal crisis, and that the crisis cannot be resolved absent assistance from the state. The legislature further finds and declares that maintenance of a balanced budget by the county of Erie […]