S T A T E   O F   N E W   Y O R K
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                                   1791
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2017
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the public authorities law, in relation to  the  Buffalo
   Fiscal Stability Authority (BFSA) financial crisis determinations
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 1 and 3 of section 3851 of the public authori-
 ties law, as added by chapter 122 of the laws of 2003,  are  amended  to
 read as follows:
   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  all  expenditures,  other  than
 capital  items, the results of which did not show a deficit, without the
 use of any [authority] BFSA assistance, as provided for  under  SUBDIVI-
 SION ONE OF section thirty-eight hundred fifty-seven of this title, when
 reported in accordance with generally accepted accounting principles and
 (b) the comptroller and the state comptroller jointly certify that secu-
 rities  were  sold  by  the  city  during the immediately preceding city
 fiscal year in the general public market and that there is a substantial
 likelihood that such securities can be sold by the city in  the  general
 public market from such date through the end of the next succeeding city
 fiscal  year in amounts that will satisfy substantially all of the capi-
 tal and cash flow requirements of the city during that period in accord-
 ance with the financial plan then in existence. The joint  certification
 made  by  the  comptroller  and  the state comptroller shall be based on
 their separate written determinations which  may  take  into  account  a
 report  and opinion of an independent expert in the marketing of securi-
 ties selected by the authority as well as other information available to
 the comptrollers. Once begun, an advisory period shall continue  through
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03620-01-7
              

 A. 1791                             2
 
 June  thirtieth,  two  thousand  thirty-seven unless a control period is
 imposed.
   3.  "BFSA assistance" means: (a) the amount of debt service savings in
 a given city fiscal year generated from the proceeds of bonds, notes  or
 other  obligations  made  available to or for the benefit of the city or
 any covered organization as determined by  the  authority;  or  (b)  the
 proceeds  of  any deficit financing authorized by the authority, or some
 combination thereof pursuant to the provisions  of  SUBDIVISION  ONE  OF
 section  thirty-eight hundred fifty-seven of this title. Such assistance
 shall be made available only upon a declaration  of  need  by  the  city
 pursuant to section thirty-eight hundred sixty-one of this title and the
 approval  of  the  BFSA board.   ANY ACTION OF THE AUTHORITY THAT IS NOT
 SPECIFIED IN THIS SUBDIVISION SHALL NOT BE CONSTRUED AS BFSA ASSISTANCE.
   § 2. This act shall take effect immediately.