3850 – Short Title.

§ 3850. Short title. This title shall be known and may be cited as the “Buffalo fiscal stability authority act.”

3850-A – Legislative Declaration of Need for State Intervention.

§ 3850-a. Legislative declaration of need for state intervention. The legislature hereby finds and declares that the city of Buffalo is facing a severe fiscal crisis, and that the crisis cannot be resolved absent assistance from the state. The legislature finds that the city has repeatedly relied on annual extraordinary increases in state aid to […]

3851 – Definitions.

§ 3851. Definitions. For the purposes of this title, unless the context otherwise requires: 1. “Advisory period” means that period no earlier than July first, two thousand six, after which the authority has determined that (a) for each of the three immediately preceding city fiscal years, the city has adopted and adhered to budgets covering […]

3852 – Buffalo Fiscal Stability Authority.

§ 3852. Buffalo fiscal stability authority. 1. There is hereby created the Buffalo 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 quarterly during […]

3853 – Administration of the Authority.

§ 3853. Administration of the authority. 1. The authority shall be administered by nine directors, seven of which shall be appointed by the governor. Of the seven directors, one such director shall be a resident of the city of Buffalo; one such director shall be appointed following the recommendation of the state comptroller; and one […]

3854 – General Powers of the Authority.

§ 3854. 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. […]

3855 – Assistance to the Authority; Employees of the Authority.

§ 3855. 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 city agencies may be transferred to the authority […]

3856 – City Fiscal Year Two Thousand Three–Two Thousand Four Budget Modification and Four-Year Financial Plan.

§ 3856. City fiscal year two thousand three–two thousand four budget modification and four-year financial plan. 1. Not later than September first, two thousand three, the city shall submit to the authority a financial plan which may reflect a declaration of need as provided for in section thirty-eight hundred sixty-one. The plan shall cover the […]

3857 – City Financial Plans.

§ 3857. City financial plans. 1. Commencing with the city’s two thousand four–two thousand five fiscal year, the mayor shall prepare and submit to the authority a four-year financial plan, and the mayor’s proposed city budget, not later than the date required for submission of such budget to the council pursuant to the city charter. […]

3857-A – Efficiency Incentive Grants.

§ 3857-a. Efficiency incentive grants. By November tenth, two thousand five, the city 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 thousand ten–two thousand eleven, the authority shall provide grants […]

3858 – Control Period.

§ 3858. Control period. 1. A control period shall begin as of the effective date of this title and may be reimposed during an advisory period if the authority determines at any time that a fiscal crisis is imminent or that any of the following events has occurred or that there is a substantial likelihood […]

3859 – Advisory Period.

§ 3859. Advisory period. 1. During any advisory period the authority shall: (a) obtain from the city, 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, […]

3860 – Additional Provisions.

§ 3860. Additional provisions. 1. Notwithstanding any provision to the contrary in title six-A of article two of the local finance law, neither the city 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 […]

3861 – Declaration of Need for Financing Assistance to the City.

§ 3861. Declaration of need for financing assistance to the city. 1. The city shall determine and declare whether it requests the authority to undertake a financing of costs, including costs of the city’s dependent school district or any other covered organization. Any such request shall be made by and through the mayor after approval […]

3862 – Bonds, Notes or Other Obligations of the Authority.

§ 3862. 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-eight hundred sixty-one of this title to pay any […]

3863 – Remedies of Bondholders.

§ 3863. Remedies of bondholders. Subject to any resolution or resolutions adopted pursuant to paragraph (f) of subdivision six of section thirty-eight 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 […]

3864 – Intercept of City Tax Revenues, School District Tax Revenues and State Aid Revenues.

§ 3864. Intercept of city tax revenues, school district tax revenues and state aid revenues. 1. The state comptroller, in accordance with section twelve hundred sixty-one of the tax law, shall pay at least monthly to the authority, (a) for the period beginning upon the effective date of this title through June thirtieth, two thousand […]

3865 – Resources of the Authority.

§ 3865. 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 […]

3866 – Agreement With the State.

§ 3866. 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 […]

3866-A – Agreement With the County.

§ 3866-a. Agreement with the county. 1. The county does hereby 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 […]