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 […]
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 […]