2799-AA – Short Title.

§ 2799-aa. Short title. This title shall be known and may be cited as the “New York City Transitional Finance Authority Act”.

2799-BB – Definitions.

§ 2799-bb. Definitions. For the purposes of this title, unless the context otherwise requires: 1. “Alternative revenues” means (i) sales and compensating use taxes that the city is authorized by the state to impose and (ii) taxes imposed pursuant to section eleven hundred seven of the tax law. 2. “Authority” or “New York city transitional […]

2799-CC – New York City Transitional Finance Authority.

§ 2799-cc. New York city transitional finance authority. 1. There is hereby created the New York city transitional finance authority. The authority shall be a corporate governmental agency constituting a public benefit corporation and an instrumentality of the state. 2. In accordance with the provisions of this title, the authority may only finance costs, including […]

2799-DD – Administration of the Authority.

§ 2799-dd. Administration of the authority. 1. The authority shall be administered by five directors, consisting of the director of management and budget, the commissioner of finance of the city, the commissioner of the department of design and construction of the city, the comptroller and the speaker of the council. 2. The director of management […]

2799-EE – General Powers of the Authority.

§ 2799-ee. 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. […]

2799-FF – Declaration of Need.

§ 2799-ff. Declaration of need. 1. The mayor shall determine and declare at least annually whether a capital financing need exists. When the mayor determines that a capital financing need exists, the mayor shall so certify and submit to the authority a transitional capital plan. Such plan shall include only projects whose costs are appropriated […]

2799-GG – Bonds of the Authority.

§ 2799-gg. Bonds of the authority. 1. The authority shall have the power and is hereby authorized from time to time to issue bonds, in conformity with applicable provisions of the uniform commercial code, in such principal amounts as it may determine to be necessary pursuant to section twenty-seven hundred ninety-nine-ff of this title to […]

2799-HH – Resources of the Authority.

§ 2799-hh. 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 money of the authority from whatever sources derived including (a) payments by the state comptroller pursuant to this title; (b) the proceeds of […]

2799-II – Agreement With the State.

§ 2799-ii. Agreement with the state. The state does hereby pledge and agree with the holders of any issue of bonds and/or bond anticipation notes secured by such a pledge that the state will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with such […]

2799-JJ – Agreement With the City.

§ 2799-jj. Agreement with the city. The city is authorized to pledge and agree with the holders of any issue of bonds and/or bond anticipation notes secured by such a pledge that the city will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with […]

2799-KK – Bonds Legal for Investment and Deposit.

§ 2799-kk. Bonds legal for investment and deposit. The bonds of the authority are hereby made securities in which all public officers and bodies of the state and all public corporations, municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks […]

2799-LL – Tax Exemption and Tax Contract by the State.

§ 2799-ll. Tax exemption and tax contract by the state. 1. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes is in all respects for the benefit of the people of the state of New York and is a public purpose. Accordingly, the authority shall be […]

2799-MM – Actions Against the Authority.

§ 2799-mm. Actions against the authority. 1. Except in an action for wrongful death, no action or proceeding shall be prosecuted or maintained against the authority for personal injury or damage to real or personal property alleged to have been sustained by reason of the negligence or wrongful act of the authority or of any […]

2799-NN – Audit.

§ 2799-nn. Audit. The accounts of the authority shall be subject to the supervision and audit of the comptroller and the state comptroller. In addition, the authority shall be subject to an annual management and financial audit performed by an independent certified accountant selected by the authority. Such audited report, together with the audited financial […]

2799-OO – Remedies of Bondholders.

§ 2799-oo. Remedies of bondholders. Subject to any resolution or resolutions adopted pursuant to paragraph (g) of subdivision six of section twenty-seven hundred ninety-nine-gg 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 after the same shall become due, […]

2799-PP – Assistance to the Authority; Employees of the Authority.

§ 2799-pp. 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 city agencies may be transferred to the authority and officers […]

2799-QQ – Equal Employment Opportunity Program and Procurement Guidelines.

§ 2799-qq. Equal employment opportunity program and procurement guidelines. 1. Notwithstanding any other inconsistent provision of law, section 8-107 of the administrative code of the city of New York shall apply to the activities of the authority. 2. The authority shall establish and implement guidelines for procurement which include the matters set forth in paragraphs […]

2799-RR – Effect of Inconsistent Provisions.

§ 2799-rr. Effect of inconsistent provisions. Insofar as the provisions of this title are inconsistent with the provisions of any other act, general or special, or of any charter, local law, ordinance or resolution of any municipality, the provisions of this title shall be controlling. Nothing contained in this section shall be held to supplement […]

2799-SS – Additional Bonds of the Authority.

§ 2799-ss. Additional bonds of the authority. Notwithstanding any provision of this title or of any other law to the contrary, the authority is hereby authorized to issue bonds, notes or other obligations in addition to those authorized by section twenty-seven hundred ninety-nine-gg of this title in an amount outstanding of up to two billion […]

2799-TT – Additional Bonds of the Authority.

§ 2799-tt. Additional bonds of the authority. 1. Notwithstanding any provision of this title or of any other law to the contrary, the authority is hereby authorized to issue bonds, notes or other obligations in addition to those authorized by sections twenty-seven hundred ninety-nine-gg and twenty-seven hundred ninety-nine-ss of this title in an amount outstanding […]