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 […]

3951 – Definitions.

§ 3951. Definitions. For the purposes of this title, unless the context otherwise requires: 1. “Advisory period” means a period of time from the effective date of this title until the date when (a) the authority shall determine that for each fiscal year, through and including fiscal year two thousand twelve, that the county has […]

3952 – Erie County Fiscal Stability Authority.

§ 3952. Erie county fiscal stability authority. 1. There is hereby created the Erie county fiscal stability authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting a public benefit corporation. 2. The authority shall conduct meetings as often as deemed necessary to accomplish its purposes, but not less than […]

3953 – Administration of the Authority.

§ 3953. Administration of the authority. 1. The authority shall be administered by seven directors appointed by the governor. Of the seven directors, one each shall be appointed on the written recommendation of the temporary president of the state senate, the speaker of the state assembly and the state comptroller, respectively. One member appointed directly […]

3954 – General Powers of the Authority.

§ 3954. General powers of the authority. Except as otherwise limited by this title, the authority shall have the following powers in addition to those specially conferred elsewhere in this title, subject only to agreements with bondholders: 1. to sue and be sued; 2. to have a seal and alter the same at pleasure; 3. […]

3955 – Assistance to the Authority; Employees of the Authority.

§ 3955. Assistance to the authority; employees of the authority. 1. With the consent of any public corporation, the authority may use agents, employees and facilities thereof, paying to such public corporation its agreed proportion of the compensation or costs. 2. Officers and employees of state or county agencies may be transferred to the authority […]

3956 – County Fiscal Year Two Thousand Five Budget Modification and Four-Year Financial Plan.

§ 3956. County fiscal year two thousand five budget modification and four-year financial plan. 1. Not later than October first, two thousand five, the county executive, upon approval by the legislature, shall submit to the authority a budget modification and financial plan consistent with the financial plan requirements contained in section thirty-eight hundred fifty-seven of […]

3957 – County Financial Plans.

§ 3957. County financial plans. 1. Commencing with the county’s two thousand six fiscal year, the county executive shall prepare and submit to the authority a four-year financial plan, and the county executive’s proposed county budget, not later than the date required for submission of such budget to the legislature pursuant to the county charter. […]

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 […]

3958 – Advisory Period.

§ 3958. Advisory period. 1. During any advisory period the authority shall: (a) obtain from the county, the covered organizations and the state comptroller, all information, financial statements and projections, budgetary data and information, and management reports and materials as the authority deems necessary or desirable to accomplish the purposes of this title; and inspect, […]

3959 – Control Period.

§ 3959. Control period. 1. The authority shall impose a control period at any time that any of the following events has occurred or that there is a substantial likelihood and imminence of such occurrence: (a) the county shall have failed to adopt a balanced budget within time frames prescribed in the county charter, financial […]

3960 – Additional Provisions.

§ 3960. Additional provisions. 1. Notwithstanding any provision to the contrary in title six-A of article two of the local finance law, neither the county nor any covered organization shall file any petition authorized by such title six-A without the approval of the authority and the state comptroller. No such petition shall be filed as […]

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 […]

3967 – Agreement With the County.

§ 3967. Agreement with the county. 1. The county shall covenant 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 covenant and agreement that the county will not limit, alter or impair the rights hereby vested in the […]