3. "ANNUAL FINANCIAL REPORT" SHALL MEAN THE REPORT OF A MUNICIPALITY'S
FINANCIAL CONDITION REQUIRED TO BE MADE ANNUALLY TO THE COMPTROLLER
PURSUANT TO SECTION THIRTY OF THIS CHAPTER.
4. "TENTATIVE BUDGET" SHALL MEAN THE TENTATIVE BUDGET PREPARED PURSU-
ANT TO SECTION THREE HUNDRED FIFTY-FOUR OF THE COUNTY LAW, SECTION ONE
HUNDRED SIX OF THE TOWN LAW OR SECTION 5-504 OF THE VILLAGE LAW, THE
ANNUAL ESTIMATE PROPOSED PURSUANT TO SECTION SEVENTY-FIVE OF THE SECOND
CLASS CITIES LAW, OR SIMILAR DOCUMENT PREPARED PURSUANT TO GENERAL,
SPECIAL OR LOCAL LAW.
5. "BENCHMARK" SHALL MEAN A STANDARD OR REFERENCE POINT BASED ON AN
ANALYSIS OF OTHER MUNICIPALITIES OF SIMILAR SIZE AND CHARACTER, STATE-
WIDE OR NATIONAL TRENDS OR SIMILAR COMMONLY ACCEPTED FACTORS IN MUNICI-
PAL FINANCE.
6. "MAJOR OPERATING FUND" SHALL MEAN A MUNICIPALITY'S GENERAL FUND AND
ANY OTHER FUND THAT REPRESENTS MORE THAN TWENTY PER CENTUM OF THAT
MUNICIPALITY'S TOTAL FUNDS.
7. "FINANCIAL CONTROL BOARD" SHALL MEAN A PUBLIC AUTHORITY CREATED BY
THE STATE THAT HAS LEGAL CONTROL OVER A MUNICIPALITY FOR A PERIOD OF
TIME IN ORDER TO IMPROVE THE FINANCIAL CONDITION. DURING THAT CONTROL
PERIOD, THE BOARD SHALL HAVE POWERS INCLUDING BUT NOT LIMITED TO
APPROVAL OF CONTRACTS, ISSUANCE OF DEBT, APPROVAL OF FINANCIAL PLAN AND
ABILITY TO CONDUCT MEETINGS. THE BOARD SHALL REMAIN IN CONTROL UNTIL
CERTAIN TRIGGERS ARE MET INDICATING THAT THE FINANCIAL CONDITION OF THE
MUNICIPALITY HAS IMPROVED.
§ 61. REVIEW OF FINANCIAL INFORMATION; REQUEST FOR RESPONSE. IN FURTH-
ERANCE OF THE PURPOSES OF THIS ARTICLE, THE COMPTROLLER SHALL ESTABLISH
A PROGRAM FOR THE REVIEW OF ANNUAL FINANCIAL REPORT DATA OF MUNICI-
PALITIES, AND SUCH OTHER RELATED DATA AND INFORMATION AS MAY BE DEEMED
RELEVANT. THE COMPTROLLER MAY REQUEST THE SUBMISSION BY ANY MUNICIPALITY
OF ADDITIONAL INFORMATION OR DATA FOR THIS PURPOSE. THE COMPTROLLER
SHALL CONSULT WITH MUNICIPAL OFFICIALS, AS APPROPRIATE, DURING THE
REVIEW PROCESS. BASED UPON THE COMPTROLLER'S REVIEW, THE COMPTROLLER, IN
SUCH MANNER AS HE OR SHE DEEMS APPROPRIATE, MAY MAKE RECOMMENDATIONS TO
THE CHIEF EXECUTIVE OFFICER AND CHIEF FISCAL OFFICER OF THE MUNICIPALITY
AS TO ACTIONS WHICH MAY BE TAKEN BY THE MUNICIPALITY IN CONNECTION WITH
THE FISCAL AFFAIRS OF THE MUNICIPALITY. THE CHIEF EXECUTIVE OFFICER OR
CHIEF FISCAL OFFICER SHALL RESPOND TO THE COMPTROLLER'S RECOMMENDATIONS,
IN SUCH MANNER AS THE COMPTROLLER DEEMS APPROPRIATE, BY INDICATING
ACTIONS TAKEN OR PROPOSED TO BE TAKEN OR, IF THE CHIEF EXECUTIVE OFFICER
OR THE CHIEF FISCAL OFFICER INDICATES THAT NO ACTION IS WARRANTED OR IS
TO BE TAKEN OR PROPOSED, BY PROVIDING AN EXPLANATION.
§ 62. LEVEL ONE FISCAL STRESS. 1. BASED UPON THE COMPTROLLER'S REVIEW
OF ANNUAL FINANCIAL REPORT DATA, AND OTHER APPROPRIATE DATA AND INFORMA-
TION PURSUANT TO SECTION SIXTY-ONE OF THIS ARTICLE, THE COMPTROLLER MAY
IDENTIFY THOSE MUNICIPALITIES THAT:
A. HAVE FAILED TO TIMELY PROVIDE ADDITIONAL INFORMATION OR DATA
REQUESTED BY THE COMPTROLLER OR HAVE FAILED TO SUFFICIENTLY RESPOND TO
ANY RECOMMENDATIONS MADE BY THE COMPTROLLER PURSUANT TO SECTION SIXTY-
ONE OF THIS ARTICLE; OR
B. THE COMPTROLLER DETERMINES THAT THE MUNICIPALITY MEETS ONE OF THE
FOLLOWING CRITERIA:
(I) THE MUNICIPALITY, IN THE LAST COMPLETED FISCAL YEAR, HAD AN
UNPLANNED OPERATING DEFICIT IN A MAJOR OPERATING FUND IN EXCESS OF ONE
AND ONE HALF PER CENTUM OF SUCH MAJOR OPERATING FUND'S EXPENDITURES IN
THE LAST COMPLETED FISCAL YEAR;
A. 3081 3
(II) THE MUNICIPALITY, IN ITS LAST COMPLETED FISCAL YEAR, HAD AN UNAP-
PROPRIATED OR UNRESERVED FUND BALANCE DEFICIT IN THE MUNICIPALITY'S
GENERAL FUND; OR
(III) THE MUNICIPALITY, IN ITS LAST COMPLETED FISCAL YEAR, HAD A RATIO
OF NON-RECURRING REVENUES USED TO FUND RECURRING EXPENDITURES TO TOTAL
EXPENDITURES IN EXCESS OF A BENCHMARK DETERMINED BY THE COMPTROLLER AND
HAD A RATIO OF DEBT SERVICE TO TOTAL REVENUE IN EXCESS OF A BENCHMARK
DETERMINED BY THE COMPTROLLER.
2. FOR EACH MUNICIPALITY IDENTIFIED PURSUANT TO SUBDIVISION ONE OF
THIS SECTION, THE COMPTROLLER SHALL NOTIFY THE CHIEF EXECUTIVE OFFICER,
CHIEF FISCAL OFFICER AND GOVERNING BODY OF THE AFFECTED MUNICIPALITY
THAT THE MUNICIPALITY HAS FALLEN WITHIN THE CRITERIA SET FORTH IN SUBDI-
VISION ONE OF THIS SECTION AND OF THEIR DESIGNATION OF LEVEL ONE FISCAL
STRESS. THE NOTIFICATION SHALL INCLUDE DETAILS OF THE DETERMINATION AND
THE CRITERIA USED. SUCH NOTIFICATION SHALL BE MADE IN SUCH MANNER AS THE
COMPTROLLER DEEMS APPROPRIATE. WITHIN THIRTY DAYS AFTER RECEIPT OF SUCH
NOTIFICATION, THE CHIEF EXECUTIVE OFFICER OF THE MUNICIPALITY SHALL
RESPOND TO THE COMPTROLLER'S NOTIFICATION IN SUCH FORM AS REQUIRED BY
THE COMPTROLLER, WITH A SELF-EVALUATION OF THE FISCAL AFFAIRS OF THE
MUNICIPALITY, ADDRESSING THE MATTERS RAISED IN THE NOTIFICATION. SUCH
RESPONSE SHALL INCLUDE A CORRECTIVE ACTION PLAN THAT DETAILS SPECIFIC
COURSES OF ACTION THAT HAVE BEEN TAKEN OR WILL BE TAKEN TO ADDRESS THE
FISCAL STRESS IDENTIFIED BY THE COMPTROLLER. AFTER RECEIPT AND REVIEW OF
THE RESPONSE, THE COMPTROLLER MAY REQUIRE ANY LOCAL OFFICIAL OR EMPLOYEE
OF THE MUNICIPALITY, OR HIS OR HER DESIGNEE, TO ATTEND A RELEVANT MUNIC-
IPAL TRAINING COURSE CONDUCTED OR APPROVED BY THE COMPTROLLER. THE CHIEF
EXECUTIVE OFFICER OR CHIEF FISCAL OFFICER OF THE MUNICIPALITY MAY
REQUEST ASSISTANCE FROM THE COMPTROLLER IN REVIEWING THE MATTERS RAISED
IN THE COMPTROLLER'S NOTIFICATION AND SHALL RECEIVE SUCH ASSISTANCE AS
MAY BE REASONABLY NECESSARY FROM ANY OFFICER OR EMPLOYEE OF THE MUNICI-
PALITY.
§ 63. LEVEL TWO FISCAL STRESS. 1. BASED UPON THE COMPTROLLER'S REVIEW
OF ANNUAL FINANCIAL REPORT DATA AND OTHER APPROPRIATE DATA AND INFORMA-
TION PURSUANT TO SECTION SIXTY-ONE OF THIS ARTICLE, THE COMPTROLLER MAY
IDENTIFY THOSE MUNICIPALITIES THAT:
A. HAVE FAILED TO TIMELY PROVIDE ADDITIONAL INFORMATION OR DATA
REQUESTED BY THE COMPTROLLER OR HAVE FAILED TO SUFFICIENTLY RESPOND TO
ANY RECOMMENDATIONS MADE BY THE COMPTROLLER PURSUANT TO SECTION SIXTY-
ONE OF THIS ARTICLE; OR
B. THE COMPTROLLER DETERMINES THAT THE MUNICIPALITY MEETS THE FOLLOW-
ING CRITERIA THAT THE MUNICIPALITY, IN EACH OF ITS LAST TWO COMPLETED
FISCAL YEARS, HAD AT LEAST ONE OF THE FOLLOWING:
(I) AN UNPLANNED OPERATING DEFICIT IN A MAJOR OPERATING FUND IN EXCESS
OF ONE AND ONE HALF PER CENTUM OF SUCH MAJOR OPERATING FUND'S EXPENDI-
TURES IN THE LAST COMPLETED FISCAL YEAR;
(II) AN UNAPPROPRIATED OR UNRESERVED FUND BALANCE DEFICIT IN THE
MUNICIPALITY'S GENERAL FUND; OR
(III) A RATIO OF NON-RECURRING REVENUES USED TO FUND RECURRING EXPEND-
ITURES TO TOTAL EXPENDITURES IN EXCESS OF A BENCHMARK DETERMINED BY THE
COMPTROLLER AND HAD A RATIO OF DEBT SERVICE TO TOTAL REVENUE IN EXCESS
OF A BENCHMARK DETERMINED BY THE COMPTROLLER.
2. FOR EACH MUNICIPALITY IDENTIFIED PURSUANT TO SUBDIVISION ONE OF
THIS SECTION, THE COMPTROLLER SHALL NOTIFY THE CHIEF EXECUTIVE OFFICER,
CHIEF FISCAL OFFICER AND GOVERNING BODY OF THE AFFECTED MUNICIPALITY
THAT THE MUNICIPALITY HAS FALLEN WITHIN THE CRITERIA SET FORTH IN SUBDI-
VISION ONE OF THIS SECTION AND OF THEIR DESIGNATION OF LEVEL TWO FISCAL
A. 3081 4
STRESS. THE NOTIFICATION SHALL INCLUDE DETAILS OF THE DETERMINATION AND
THE CRITERIA USED. SUCH NOTIFICATION SHALL BE MADE IN SUCH MANNER AS THE
COMPTROLLER DEEMS APPROPRIATE. THE CHIEF EXECUTIVE OFFICER AND GOVERNING
BODY OF THE MUNICIPALITY, UPON NOTIFICATION BY THE COMPTROLLER THAT THEY
HAVE BEEN DESIGNATED LEVEL TWO FISCAL STRESS, SHALL BE REQUIRED TO
FULFILL THE FOLLOWING CONDITIONS WITHIN THE NEXT SUCCEEDING FISCAL YEAR:
A. DEVELOP A CORRECTIVE ACTION PLAN THAT DETAILS SPECIFIC COURSES OF
ACTION THAT HAVE BEEN TAKEN OR WILL BE TAKEN TO ADDRESS THE FISCAL
STRESS IDENTIFIED BY THE COMPTROLLER; AND
B. ADOPT A FOUR-YEAR FINANCIAL PLAN IN SUCH FORM AS MAY BE PRESCRIBED
BY THE COMPTROLLER.
3. THE FINANCIAL PLAN SHALL BE ADOPTED NO LATER THAN THE LAST DATE ON
WHICH THE MUNICIPALITY'S BUDGET IS REQUIRED TO BE ADOPTED, AND MAY BE
MODIFIED FROM TIME TO TIME. THE FINANCIAL PLAN SHALL PROVIDE THAT THE
OPERATING FUNDS OF THE MUNICIPALITY WILL BE IN BALANCE.
4. THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY SHALL, UNTIL OTHERWISE
NOTIFIED BY THE COMPTROLLER, PREPARE AND SUBMIT TO THE GOVERNING BODY OF
THE MUNICIPALITY MONTHLY FINANCIAL REPORTS, WITHIN FIFTEEN DAYS FROM THE
END OF EACH MONTH, AND PREPARE AND SUBMIT TO THE COMPTROLLER QUARTERLY
FINANCIAL REPORTS, WITHIN FIFTEEN DAYS FROM THE END OF EACH QUARTER,
BOTH IN SUCH FORM AS MAY BE PRESCRIBED BY THE COMPTROLLER. IN THE EVENT
THAT THE COMPTROLLER PROVIDES ANY RECOMMENDATIONS REGARDING ANY REPORTS
REQUIRED BY THIS SUBDIVISION, THE CHIEF EXECUTIVE OFFICER SHALL PREPARE
A RESPONSE TO THE COMPTROLLER'S RECOMMENDATIONS. SUCH RESPONSE SHALL
INCLUDE, WITH RESPECT TO EACH RECOMMENDATION, AN ACCEPTANCE STATEMENT
FOR ACTIONS TAKEN OR PROPOSED TO BE TAKEN AND IF NO ACTION IS WARRANTED
OR IS TO BE TAKEN OR PROPOSED, A LOCAL LAW SHALL BE PROPOSED BY THE
CHIEF EXECUTIVE OFFICER AND MUST BE APPROVED BY A MAJORITY OF THE
GOVERNING BODY.
§ 64. LEVEL THREE FISCAL STRESS. 1. BASED UPON THE COMPTROLLER'S
REVIEW OF ANNUAL FINANCIAL REPORT DATA AND OTHER APPROPRIATE DATA AND
INFORMATION PURSUANT TO SECTION SIXTY-ONE OF THIS ARTICLE, THE COMP-
TROLLER MAY IDENTIFY THOSE LEVEL TWO FISCAL STRESS MUNICIPALITIES THAT
THE COMPTROLLER BELIEVES FIT WITHIN ANY OF THE FOLLOWING CRITERIA: A
LEVEL TWO FISCAL STRESS MUNICIPALITY, IN EACH OF ITS LAST TWO COMPLETED
FISCAL YEARS, HAD AT LEAST ONE OF THE FOLLOWING:
A. AN UNPLANNED OPERATING DEFICIT IN A MAJOR OPERATING FUND IN EXCESS
OF ONE AND ONE HALF PER CENTUM OF THE MAJOR OPERATING FUND'S EXPENDI-
TURES IN THE LAST COMPLETED FISCAL YEAR;
B. AN UNAPPROPRIATED OR UNRESERVED FUND BALANCE DEFICIT IN THE MUNICI-
PALITY'S GENERAL FUND; OR
C. A RATIO OF NON-RECURRING REVENUES USED TO FUND RECURRING EXPENDI-
TURES TO TOTAL EXPENDITURES IN EXCESS OF A BENCHMARK DETERMINED BY THE
COMPTROLLER AND HAD A RATIO OF DEBT SERVICE TO TOTAL REVENUE IN EXCESS
OF A BENCHMARK DETERMINED BY THE COMPTROLLER.
2. A. FOR EACH MUNICIPALITY IDENTIFIED PURSUANT TO SUBDIVISION ONE OF
THIS SECTION, THE COMPTROLLER SHALL NOTIFY THE CHIEF EXECUTIVE OFFICER,
CHIEF FISCAL OFFICER AND GOVERNING BODY OF THE AFFECTED MUNICIPALITY
THAT THE MUNICIPALITY HAS FALLEN WITHIN THE CRITERIA SET FORTH IN SUBDI-
VISION ONE OF THIS SECTION AND OF THEIR DESIGNATION OF LEVEL THREE
FISCAL STRESS. THE NOTIFICATION SHALL INCLUDE DETAILS OF THE DETERMI-
NATION AND THE CRITERIA USED. SUCH NOTIFICATION SHALL BE MADE IN SUCH
MANNER AS THE COMPTROLLER DEEMS APPROPRIATE. THE CHIEF EXECUTIVE OFFICER
AND GOVERNING BODY OF THE MUNICIPALITY, UPON NOTIFICATION BY THE COMP-
TROLLER THAT THEY HAVE BEEN DESIGNATED LEVEL THREE FISCAL STRESS, SHALL
A. 3081 5
BE REQUIRED TO FULFILL THE FOLLOWING CONDITIONS WITHIN THE NEXT SUCCEED-
ING FISCAL YEAR:
(I) DEVELOP A CORRECTIVE ACTION PLAN THAT DETAILS SPECIFIC COURSES OF
ACTION THAT HAVE BEEN TAKEN OR WILL BE TAKEN TO ADDRESS THE FISCAL
STRESS IDENTIFIED BY THE COMPTROLLER; AND
(II) ADOPT A FOUR-YEAR FINANCIAL PLAN IN SUCH FORM AS MAY BE
PRESCRIBED BY THE COMPTROLLER.
B. (I) THE CHIEF EXECUTIVE OFFICER OR INDIVIDUAL OR BODY RESPONSIBLE
FOR THE PREPARATION OF THE TENTATIVE BUDGET, UNTIL OTHERWISE NOTIFIED BY
THE COMPTROLLER, SHALL ANNUALLY SUBMIT THE TENTATIVE BUDGET FOR THE NEXT
SUCCEEDING FISCAL YEAR AND THE PROPOSED FOUR-YEAR FINANCIAL PLAN FOR
REVIEW BY THE COMPTROLLER. SUCH TENTATIVE BUDGET SHALL BE SUBMITTED TO
THE COMPTROLLER WITHIN FIVE DAYS AFTER ITS PREPARATION, BUT IN NO EVENT
LATER THAN THIRTY DAYS PRIOR TO THE COMMENCEMENT OF THE NEXT SUCCEEDING
FISCAL YEAR. THE PROPOSED FOUR-YEAR FINANCIAL PLAN SHALL BE SUBMITTED AT
THE SAME TIME AS THE TENTATIVE BUDGET. THE COMPTROLLER SHALL IN EACH
SUCH YEAR EXAMINE SUCH TENTATIVE BUDGET AND FINANCIAL PLAN AND MAKE
RECOMMENDATIONS THEREON TO THE MUNICIPALITY, WITHIN FIFTEEN DAYS OF
RECEIPT THEREOF. SUCH RECOMMENDATIONS SHALL BE MADE AFTER REVIEW OF THE
ESTIMATES OF REVENUES AND EXPENDITURES OF SUCH MUNICIPALITY AND SUCH
OTHER INFORMATION AS THE COMPTROLLER DEEMS APPROPRIATE, AND SHALL BE
MADE PRIOR TO THE ADOPTION OF THE FINAL BUDGET. AT LEAST FORTY-EIGHT
HOURS PRIOR TO THE ADOPTION OF THE FINAL BUDGET, THE CHIEF EXECUTIVE
OFFICER OR INDIVIDUAL OR BODY RESPONSIBLE FOR THE PREPARATION OF THE
TENTATIVE BUDGET OF THE MUNICIPALITY SHALL PREPARE A RESPONSE TO THE
COMPTROLLER'S RECOMMENDATIONS. SUCH RESPONSE SHALL INCLUDE, WITH RESPECT
TO EACH RECOMMENDATION, AN ACCEPTANCE STATEMENT FOR ACTIONS TAKEN OR
PROPOSED TO BE TAKEN AND IF NO ACTION IS WARRANTED OR IS TO BE TAKEN OR
PROPOSED, A LOCAL LAW SHALL BE PROPOSED BY THE CHIEF EXECUTIVE OFFICER
AND MUST BE APPROVED BY A MAJORITY OF THE GOVERNING BODY. THE COMP-
TROLLER'S RECOMMENDATIONS AND THE ACCEPTANCE STATEMENT AND REJECTED
RECOMMENDATIONS THERETO SHALL BE DISTRIBUTED TO EACH MEMBER OF THE
GOVERNING BODY, FILED WITH THE CLERK OF THE MUNICIPALITY AND MADE A PART
OF THE BUDGET DOCUMENT. WHEN SO FILED, SUCH RESPONSE SHALL BE A PUBLIC
RECORD OPEN TO INSPECTION BY ANY INTERESTED PERSON. THE RESPONSE SHALL
ALSO BE DELIVERED TO THE STATE DIVISION OF THE BUDGET, THE OFFICE OF THE
STATE COMPTROLLER, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE
AND THE CHAIR OF THE SENATE FINANCE COMMITTEE.
(II) NOTWITHSTANDING THE PROVISIONS OF SECTION THIRTY OF THIS CHAPTER,
THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY, UNTIL OTHERWISE NOTIFIED
BY THE COMPTROLLER, SHALL SUBMIT THE ANNUAL FINANCIAL REPORT NO LATER
THAN THIRTY DAYS FROM THE CLOSE OF THE FISCAL YEAR FOR WHICH THE REPORT
IS PREPARED.
§ 65. FISCAL CRISIS. 1. BASED UPON THE COMPTROLLER'S REVIEW OF ANNUAL
FINANCIAL REPORT DATA AND OTHER APPROPRIATE DATA AND INFORMATION PURSU-
ANT TO SECTION SIXTY-ONE OF THIS ARTICLE, THE COMPTROLLER SHALL IDENTIFY
THOSE MUNICIPALITIES THAT FIT WITHIN ANY OF THE FOLLOWING CRITERIA:
A. THE MUNICIPALITY HAD UNPLANNED GENERAL FUND OPERATING DEFICIT THAT
EXCEEDED TWENTY PERCENT OF GENERAL FUND EXPENDITURES AS OF THE CLOSE OF
THE LAST PRECEDING FISCAL YEAR AND HAD AN UNAPPROPRIATED OR UNRESERVED
FUND BALANCE DEFICIT THAT EXCEEDS TWENTY-FIVE PERCENT OF THE EXPENDI-
TURES IN THE GENERAL FUND AS OF THE CLOSE OF THE LAST PRECEDING FISCAL
YEAR;
B. TWICE, WITHIN A FIVE-YEAR PERIOD, THE MUNICIPALITY EITHER HAS BEEN
AUTHORIZED PURSUANT TO LAW TO ISSUE, AND HAS ADOPTED RESOLUTIONS AUTHOR-
IZING THE ISSUANCE OF, BONDS TO FINANCE A DEFICIT, AND/OR DIRECTLY OR
A. 3081 6
INDIRECTLY UTILIZED THE PROCEEDS OF DEBT ISSUED BY ANY PUBLIC BENEFIT
CORPORATION OR NOT-FOR-PROFIT CORPORATION TO FUND A DEFICIT OF THE MUNI-
CIPALITY;
C. THE MUNICIPALITY, DUE TO CONDITIONS OF FISCAL STRESS, HAS DEFAULTED
IN THE PAYMENT OF PRINCIPAL OR INTEREST ON ITS BONDS OR NOTES, OR SUCH
DEFAULT IS IMMINENT;
D. THE MUNICIPALITY, DUE TO CONDITIONS OF FISCAL STRESS OR NEGATIVE
CREDIT FACTORS, IS UNABLE TO SELL ITS OBLIGATIONS IN THE GENERAL PUBLIC
MARKET.
2. A. FOR EACH MUNICIPALITY IDENTIFIED PURSUANT TO SUBDIVISION ONE OF
THIS SECTION, THE COMPTROLLER SHALL NOTIFY THE CHIEF EXECUTIVE OFFICER,
CHIEF FISCAL OFFICER AND GOVERNING BODY OF THE AFFECTED MUNICIPALITY
THAT THE MUNICIPALITY HAS FALLEN WITHIN THE CRITERIA SET FORTH IN SUBDI-
VISION ONE OF THIS SECTION AND OF THEIR DESIGNATION OF FISCAL CRISIS.
THE NOTIFICATION SHALL INCLUDE DETAILS OF THE DETERMINATION AND THE
CRITERIA USED. SUCH NOTIFICATION SHALL BE MADE IN SUCH MANNER AS THE
COMPTROLLER DEEMS APPROPRIATE. THE CHIEF EXECUTIVE OFFICER AND GOVERNING
BODY OF THE MUNICIPALITY, UPON NOTIFICATION BY THE COMPTROLLER THAT THEY
HAVE BEEN DESIGNATED FISCAL CRISIS, SHALL BE REQUIRED TO FULFILL THE
FOLLOWING CONDITIONS WITHIN THE NEXT SUCCEEDING FISCAL YEAR:
B. EACH MUNICIPALITY IDENTIFIED AS FISCAL CRISIS SHALL BE SUBJECT TO
THE PROVISIONS OF THIS SECTION, AND SUCH REQUIREMENTS OF SECTIONS
SIXTY-TWO, SIXTY-THREE AND SIXTY-FOUR OF THIS ARTICLE AS THE COMPTROLLER
SHALL DEEM APPROPRIATE.
3. THE COMPTROLLER SHALL, WITHIN FORTY-FIVE DAYS AFTER NOTIFYING A
MUNICIPALITY OF THEIR DESIGNATION OF FISCAL CRISIS, INTRODUCE PROGRAM
LEGISLATION AUTHORIZING THE CREATION OF A FINANCIAL CONTROL BOARD AS
DEFINED IN THIS ARTICLE FOR THE AFFECTED MUNICIPALITY. THE COMPTROLLER
SHALL PRESENT A REPORT DETAILING THE DESIGNATION OF FISCAL CRISIS FOR
THE AFFECTED MUNICIPALITY AND THEIR RECOMMENDATIONS REGARDING THE NEED
FOR A FINANCIAL CONTROL BOARD TO THE GOVERNOR, SPEAKER OF THE ASSEMBLY
AND TEMPORARY PRESIDENT OF THE SENATE NO LATER THAN THIRTY DAYS AFTER
THE INTRODUCTION OF THE PROGRAM LEGISLATION. THE ASSEMBLY WAYS AND
MEANS COMMITTEE AND SENATE FINANCE COMMITTEE SHALL HOLD A JOINT LEGISLA-
TIVE HEARING ON THE AFFECTED MUNICIPALITY AND THE PROPOSED IMPOSITION OF
A FINANCIAL CONTROL BOARD NO LATER THAN FOURTEEN DAYS AFTER RECEIVING
SUCH REPORT FROM THE COMPTROLLER. THE ASSEMBLY AND SENATE SHALL HAVE
EIGHT MONTHS AFTER SUCH HEARING IS HELD TO EITHER APPROVE OR DISAPPROVE
THE COMPTROLLER'S PROGRAM LEGISLATION CREATING A FINANCIAL CONTROL BOARD
FOR THE AFFECTED MUNICIPALITY.
4. THE MUNICIPALITY SHALL NOT ISSUE ANY FURTHER BONDS OR BOND ANTIC-
IPATION NOTES UNLESS AND UNTIL THE AFFORDABILITY OF SUCH ADDITIONAL DEBT
TO THE TAX BASE SUPPORTING THE INDEBTEDNESS HAS BEEN REVIEWED BY THE
COMPTROLLER AND THE TERMS OF THE DEBT IS APPROVED BY THE COMPTROLLER.
THE MUNICIPALITY SHALL RESPOND IN WRITING TO RECOMMENDATIONS, IF ANY,
WHICH THE COMPTROLLER MAY MAKE THEREON. THE COMPTROLLER MAY REQUIRE THE
CHIEF FISCAL OFFICER OF THE MUNICIPALITY TO PREPARE AND SUBMIT (A) A
PLAN WHICH DETAILS THE PROJECTED FISCAL IMPACT OF THE PROPOSED ISSUANCE
OF BONDS OR BOND ANTICIPATION NOTES INCLUDING FINANCING COSTS, FUTURE
DIRECT AND INDIRECT OPERATING COSTS OF, AND ANY RESULTING REVENUES FROM,
THE OBJECT OR PURPOSE TO BE FINANCED; AND (B) AN ANALYSIS OF THE AFFORD-
ABILITY TO THE TAX BASE SUPPORTING THE DEBT SERVICE OR THE BONDS OR
NOTES. THE COMPTROLLER MAY REQUIRE SUCH OTHER INFORMATION AS THE COMP-
TROLLER DEEMS NECESSARY TO COMPLETE THE REVIEW OF AFFORDABILITY. THE
COMPTROLLER SHALL MAKE ANY RECOMMENDATIONS AND APPROVE OR DISAPPROVE
A. 3081 7
WITHIN THIRTY DAYS OF RECEIPT OF ALL INFORMATION NECESSARY TO COMPLETE
THE REVIEW OF AFFORDABILITY.
5. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, NO MUNICIPALITY WHICH
IS SUBJECT TO THIS SECTION SHALL FILE ANY PETITION AUTHORIZED BY TITLE
SIX-A OF ARTICLE TWO OF THE LOCAL FINANCE LAW.
§ 66. NEW YORK STATE BOARD OF LOCAL GOVERNMENT DEFICIT FINANCING
AUTHORIZATION. 1. A. THERE IS HEREBY CREATED THE NEW YORK STATE BOARD
OF LOCAL GOVERNMENT DEFICIT FINANCING AUTHORIZATION WHICH SHALL HAVE AND
EXERCISE THE POWERS AND DUTIES SET FORTH IN SUBDIVISION TWO OF THIS
SECTION.
B. SUCH BOARD SHALL CONSIST OF FIVE MEMBERS AS FOLLOWS: ONE OF THE
MEMBERS SHALL BE APPOINTED BY THE GOVERNOR, WHO SHALL BE THE CHAIR, ONE
OF THE MEMBERS SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
SENATE, ONE OF THE MEMBERS SHALL BE APPOINTED BY THE SPEAKER OF THE
ASSEMBLY, ONE OF THE MEMBERS SHALL BE APPOINTED BY THE MINORITY LEADER
OF THE SENATE AND ONE OF THE MEMBERS SHALL BE APPOINTED BY THE MINORITY
LEADER OF THE ASSEMBLY. EACH MEMBER OF THE BOARD SHALL BE ENTITLED TO
DESIGNATE A REPRESENTATIVE TO ATTEND MEETINGS OF THE BOARD IN HIS OR HER
PLACE, AND TO VOTE OR OTHERWISE ACT ON HIS OR HER BEHALF IN HIS OR HER
ABSENCE. NOTICE OF SUCH DESIGNATION SHALL BE FURNISHED IN WRITING TO THE
BOARD BY THE DESIGNATING MEMBER. A REPRESENTATIVE SHALL SERVE AT THE
PLEASURE OF THE DESIGNATING MEMBER DURING THE MEMBER'S TERM OF OFFICE. A
REPRESENTATIVE SHALL NOT BE AUTHORIZED TO DELEGATE ANY OF HIS OR HER
DUTIES OR FUNCTIONS TO ANY OTHER PERSON.
C. THE MEMBERS OF THE BOARD SHALL SERVE FOR A TERM OF ONE YEAR.
D. THREE MEMBERS OF THE BOARD SHALL CONSTITUTE A QUORUM, AND THE BOARD
SHALL HAVE THE POWER TO ACT BY A MAJORITY VOTE OF THE TOTAL NUMBER OF
MEMBERS OF THE BOARD WITHOUT A VACANCY.
E. THE MEMBERS OF THE BOARD SHALL NOT RECEIVE COMPENSATION BUT SHALL
BE REIMBURSED FOR ACTUAL AND NECESSARY EXPENSES INCURRED IN THE PERFORM-
ANCE OF THEIR OFFICIAL DUTIES.
2. A. THE BOARD SHALL HAVE THE POWER TO AUTHORIZE THE ISSUANCE OF
BONDS BY A MUNICIPALITY TO FUND A DEFICIT EXISTING AS OF THE CLOSE OF
THE LAST PRECEDING FISCAL YEAR OF THE MUNICIPALITY OR PROJECTED TO EXIST
AS OF THE CLOSE OF THE CURRENT FISCAL YEAR OF THE MUNICIPALITY.
B. THE BOARD SHALL ONLY BE AUTHORIZED TO AUTHORIZE THE ISSUANCE OF
BONDS BY A MUNICIPALITY TO FUND SUCH A DEFICIT UPON A: (I) TWO-THIRDS OF
THE TOTAL MEMBERSHIP OF THE LEGISLATIVE BODY OF A MUNICIPALITY; OR (II)
THE CHIEF EXECUTIVE OFFICER OF A MUNICIPALITY CONCURRED IN BY A MAJORITY
OF THE TOTAL MEMBERSHIP OF THE LEGISLATIVE BODY FOR SUCH MUNICIPALITY;
AND (III) A DESIGNATION OF LEVEL THREE FISCAL STRESS PURSUANT TO SECTION
SIXTY-FOUR OF THIS ARTICLE; OR (IV) A DESIGNATION OF FISCAL CRISIS
PURSUANT TO SECTION SIXTY-FIVE OF THIS ARTICLE.
C. PRIOR TO THE BOARD AUTHORIZING THE ISSUANCE OF BONDS TO FUND SUCH A
DEFICIT PURSUANT TO THIS SUBDIVISION, THE COMPTROLLER SHALL FIRST REVIEW
AND CONFIRM THE EXISTENCE OF THE DEFICIT, AS WELL AS CERTIFY THE AMOUNT
OF THE DEFICIT. AS SOON AS PRACTICABLE AFTER THE REQUEST TO THE BOARD IS
MADE, BUT IN NO EVENT PRIOR TO THE CLOSE OF THE CURRENT FISCAL YEAR OF
THE MUNICIPALITY IN THE CASE OF A PROJECTED DEFICIT, THE MUNICIPALITY
SHALL PREPARE A REPORT DETAILING THE AMOUNT AND CAUSE OF THE DEFICIT AND
SUBMIT TO THE COMPTROLLER SUCH REPORT, TOGETHER WITH THE MUNICIPALITY'S
INDEPENDENT AUDIT REPORT FOR ITS LAST COMPLETED FISCAL YEAR, IF ANY SUCH
AUDIT REPORT HAS BEEN OR IS TO BE PREPARED, AND SUCH OTHER INFORMATION
AS THE COMPTROLLER MAY DEEM NECESSARY. WITHIN THIRTY DAYS AFTER RECEIV-
ING ALL NECESSARY REPORTS AND INFORMATION, THE COMPTROLLER SHALL: (I)
A. 3081 8
PERFORM SUCH REVIEWS AS MAY BE NECESSARY; (II) CONFIRM THE EXISTENCE AND
CERTIFY THE AMOUNT OF THE DEFICIT; AND (III) SO NOTIFY THE BOARD.
D. AFTER THE COMPTROLLER NOTIFIES THE BOARD OF THE EXISTENCE OF THE
DEFICIT AND THE AMOUNT OF THE DEFICIT AS CERTIFIED BY THE COMPTROLLER,
THE BOARD SHALL THEN MAKE A DETERMINATION WHETHER TO AUTHORIZE THE ISSU-
ANCE OF BONDS BY THE MUNICIPALITY TO FUND THE DEFICIT. IN MAKING SUCH A
DETERMINATION, THE BOARD MAY CONSIDER SEVERAL FACTORS, INCLUDING, BUT
NOT LIMITED TO:
(I) THE SIZE OF THE DEFICIT AS A PERCENTAGE OF THE MUNICIPALITY'S
OVERALL BUDGET;
(II) THE ABILITY OF THE MUNICIPALITY TO LIQUIDATE THE DEFICIT BY MEANS
OTHER THAN THROUGH THE ISSUANCE OF BONDS;
(III) THE EXISTENCE OF DEFICITS IN THE PAST FIVE YEARS AND THE ACTIONS
TAKEN BY THE MUNICIPALITY TO LIQUIDATE THE DEFICIT;
(IV) OTHER FACTORS AS DEEMED RELEVANT BY THE BOARD.
E. ONCE THE BOARD HAS DETERMINED THAT A MUNICIPALITY SHALL HAVE
AUTHORIZATION FOR THE ISSUANCE OF BONDS PURSUANT TO THIS SECTION, THE
BOARD SHALL ISSUE A WRITTEN INSTRUMENT AUTHORIZING THE MUNICIPALITY TO
ISSUE BONDS IN THE AMOUNT OF THE DEFICIT, AS CERTIFIED BY THE COMP-
TROLLER PURSUANT TO PARAGRAPH C OF THIS SUBDIVISION. IN ANTICIPATION OF
THE ISSUANCE OF SUCH BONDS, BOND ANTICIPATION NOTES MAY BE ISSUED BY THE
MUNICIPALITY.
F. IT IS HEREBY DETERMINED THAT THE FINANCING OF DEFICITS AS HEREINBE-
FORE DESCRIBED IS AN OBJECT OR PURPOSE OF THE MUNICIPALITY FOR WHICH
INDEBTEDNESS MAY BE INCURRED, THE PERIOD OF PROBABLE USEFULNESS OF WHICH
IS DETERMINED TO BE TEN YEARS, COMPUTED FROM THE DATE OF SUCH BONDS OR
THE DATE OF THE FIRST BOND ANTICIPATION NOTE ISSUED IN ANTICIPATION OF
THE SALE OF SUCH BONDS, WHICHEVER IS EARLIER. THE BOARD, IN AUTHORIZING
THE ISSUANCE OF BONDS, MAY PRESCRIBE A MAXIMUM MATURITY OF THE BONDS,
NOT TO EXCEED TEN YEARS, COMPUTED FROM THE DATE OF SUCH BONDS OR THE
DATE OF THE FIRST BOND ANTICIPATION NOTE ISSUED IN ANTICIPATION OF SUCH
BONDS, WHICHEVER IS EARLIER.
G. THE BOARD SHALL MAKE A DETERMINATION WHETHER TO AUTHORIZE THE ISSU-
ANCE OF BONDS TO FINANCE A DEFICIT PURSUANT TO THIS SUBDIVISION WITHIN
THIRTY DAYS OF RECEIVING THE REPORT FROM THE COMPTROLLER PURSUANT TO
PARAGRAPH C OF THIS SUBDIVISION.
3. A MUNICIPALITY THAT HAS REQUESTED AUTHORIZATION TO ISSUE BONDS TO
FUND A DEFICIT PURSUANT TO THIS SECTION MAY ISSUE BOND ANTICIPATION
NOTES FOR A TERM NOT TO EXCEED ONE YEAR FOR THE PURPOSE OF LIQUIDATING
SUCH DEFICIT PRIOR TO A DETERMINATION BY THE BOARD TO AUTHORIZE THE
ISSUANCE OF BONDS BY THE MUNICIPALITY TO FUND THE DEFICIT PURSUANT TO
THIS SECTION. IN THE EVENT THAT BOND ANTICIPATION NOTES ARE ISSUED IN AN
AMOUNT IN EXCESS OF THE AMOUNT OF SUCH DEFICIT AS CERTIFIED BY THE COMP-
TROLLER, SUCH MUNICIPALITY SHALL, FROM FUNDS OTHER THAN PROCEEDS OF
BONDS OR BOND ANTICIPATION NOTES, EITHER REDEEM SUCH BOND ANTICIPATION
NOTES IN THE AMOUNT BY WHICH THE AMOUNT OF SUCH BOND ANTICIPATION NOTES
EXCEED THE AMOUNT OF SUCH DEFICIT AS CERTIFIED BY THE COMPTROLLER OR
DEPOSIT A SUM EQUAL TO THE AMOUNT BY WHICH SUCH BOND ANTICIPATION NOTES
EXCEED THE AMOUNT OF SUCH DEFICIT AS CERTIFIED BY THE COMPTROLLER INTO A
RESERVE FUND FOR THE PAYMENT OF BONDED INDEBTEDNESS ESTABLISHED PURSUANT
TO SECTION SIX-H OF THIS CHAPTER. IN THE EVENT THAT BOND ANTICIPATION
NOTES ARE ISSUED AND THE BOARD DOES NOT AUTHORIZE THE ISSUANCE OF BONDS
TO FINANCE SUCH DEFICIT, SUCH MUNICIPALITY SHALL, FROM FUNDS OTHER THAN
THE PROCEEDS OF BONDS OR BOND ANTICIPATION NOTES, REDEEM THE FULL AMOUNT
OF SUCH BOND ANTICIPATION NOTES.
A. 3081 9
4. THE DETERMINATION OF THE BOARD WHETHER TO AUTHORIZE THE ISSUANCE OF
BONDS PURSUANT TO THIS SECTION SHALL BE DEEMED FINAL AND MAY ONLY BE
SUBJECT TO REVIEW BY A PROCEEDING COMMENCED UNDER ARTICLE SEVENTY-EIGHT
OF THE CIVIL PRACTICE LAW AND RULES, PROVIDED THAT SUCH PROCEEDING IS
COMMENCED WITHIN THIRTY DAYS OF THE NOTICE OF THE DETERMINATION GIVEN BY
CERTIFIED MAIL RETURN RECEIPT REQUESTED RENDERING SUCH FINAL DETERMI-
NATION.
5. THE COMPTROLLER SHALL PROVIDE ALL NECESSARY ASSISTANCE TO THE BOARD
INCLUDING, BUT NOT LIMITED TO, STAFFING AND SUPPORT, SO THAT THE BOARD
MAY CARRY OUT ITS POWERS AND DUTIES PURSUANT TO THIS SECTION.
6. TO FACILITATE THE MARKETING OF BONDS AUTHORIZED PURSUANT TO LAW TO
BE ISSUED TO FUND A DEFICIT, THE MUNICIPALITY MAY, NOTWITHSTANDING ANY
LIMITATION ON THE PRIVATE SALES OF BONDS PROVIDED BY LAW AND SUBJECT TO
THE APPROVAL OF THE COMPTROLLER OF THE TERMS AND CONDITIONS OF SUCH
SALES: (A) ARRANGE FOR THE UNDERWRITING OF SUCH BONDS AT PRIVATE SALE
THROUGH NEGOTIATED FEES OR BY SALE OF SUCH BONDS TO AN UNDERWRITER AT A
PRICE LESS THAN THE SUM OF PAR VALUE OF, AND THE ACCRUED INTEREST ON,
SUCH OBLIGATIONS; OR (B) ARRANGE FOR THE PRIVATE SALE OF SUCH BONDS
THROUGH NEGOTIATED AGREEMENT, WITH COMPENSATION FOR SUCH SALES TO BE
PROVIDED BY NEGOTIATED AGREEMENT AND/OR NEGOTIATED FEE, IF REQUIRED.
THE COST OF SUCH UNDERWRITING OR PRIVATE PLACEMENT SHALL BE DEEMED A
PRELIMINARY COST FOR PURPOSES OF SECTION 11.00 OF THE LOCAL FINANCE LAW.
7. EXCEPT AS PROVIDED IN THIS ARTICLE, ALL PROCEEDINGS IN CONNECTION
WITH THE ISSUANCE OF BONDS OR BOND ANTICIPATION NOTES AUTHORIZED TO BE
ISSUED PURSUANT TO THIS SECTION SHALL BE HAD AND TAKEN IN ACCORDANCE
WITH THE PROVISIONS OF THE LOCAL FINANCE LAW, PROVIDED, HOWEVER, THAT
ANY RESOLUTION OR RESOLUTIONS AUTHORIZING THE ISSUANCE OF SUCH BONDS
SHALL NOT BE SUBJECT TO EITHER A MANDATORY OR PERMISSIVE REFERENDUM.
8. A MUNICIPALITY WHICH IS HEREAFTER AUTHORIZED PURSUANT TO LAW TO
ISSUE BONDS TO FUND A DEFICIT:
A. SHALL BE SUBJECT TO SUCH REQUIREMENTS OF SUBDIVISION TWO OF SECTION
SIXTY-FOUR OF THIS ARTICLE AS THE COMPTROLLER DEEMS APPROPRIATE.
B. IN ANY FISCAL YEAR BEGINNING WITH THE FISCAL YEAR IN WHICH THE
MUNICIPALITY ISSUES DEBT TO FUND SUCH DEFICIT, TO AND INCLUDING THE LAST
FISCAL YEAR DURING WHICH SUCH DEBT OR ANY DEBT INCURRED TO REFUND SUCH
DEBT IS OUTSTANDING, THE MUNICIPALITY SHALL NOT ISSUE ANY FURTHER BONDS
OR BOND ANTICIPATION NOTES UNLESS AND UNTIL THE AFFORDABILITY OF SUCH
ADDITIONAL DEBT TO THE TAX BASE SUPPORTING THE INDEBTEDNESS HAS BEEN
REVIEWED BY THE COMPTROLLER AND THE MUNICIPALITY HAS RESPONDED IN WRIT-
ING TO RECOMMENDATIONS, IF ANY, WHICH THE COMPTROLLER MAY, IN HIS
DISCRETION, MAKE THEREON. THE COMPTROLLER MAY REQUIRE THE CHIEF FISCAL
OFFICER OF THE MUNICIPALITY TO PREPARE AND SUBMIT: (I) A PLAN WHICH
DETAILS THE PROJECTED FISCAL IMPACT OF THE PROPOSED ISSUANCE OF BONDS OR
BOND ANTICIPATION NOTES INCLUDING FINANCING COSTS, AND FUTURE DIRECT AND
INDIRECT OPERATING COSTS OF, AND ANY RESULTING REVENUES FROM, THE OBJECT
OR PURPOSE TO BE FINANCED; AND (II) AN ANALYSIS OF THE AFFORDABILITY TO
THE TAX BASE SUPPORTING THE DEBT SERVICE ON THE BONDS OR NOTES. THE
COMPTROLLER MAY REQUIRE SUCH OTHER INFORMATION AS THE COMPTROLLER DEEMS
NECESSARY TO COMPLETE THE REVIEW OF AFFORDABILITY. THE COMPTROLLER SHALL
MAKE ANY RECOMMENDATIONS WITHIN THIRTY DAYS OF RECEIPT OF ALL INFORMA-
TION NECESSARY TO COMPLETE THE REVIEW OF AFFORDABILITY.
C. FOR EACH FISCAL YEAR OCCURRING DURING THE TIME DEFICIT BONDS OR
NOTES ARE OUTSTANDING, THE CHIEF FISCAL OFFICER OF THE MUNICIPALITY ON
WHOSE BEHALF SUCH DEFICIT BONDS OR NOTES HAVE BEEN ISSUED SHALL MONITOR
ITS BUDGETS AND FOR EACH BUDGET, PREPARE A QUARTERLY REPORT OF SUMMA-
RIZED BUDGET DATA DEPICTING OVERALL TRENDS OF ACTUAL REVENUES AND BUDGET
A. 3081 10
EXPENDITURES FOR THE ENTIRE BUDGET RATHER THAN INDIVIDUAL LINE ITEMS.
SUCH REPORTS SHALL COMPARE REVENUE ESTIMATES AND APPROPRIATIONS AS SET
FORTH IN SUCH BUDGET WITH THE ACTUAL REVENUES AND EXPENDITURES MADE TO
DATE. ALL QUARTERLY REPORTS SHALL BE ACCOMPANIED BY A RECOMMENDATION BY
THE CHIEF EXECUTIVE OFFICER SETTING FORTH ANY REMEDIAL ACTION NECESSARY
TO RESOLVE ANY UNFAVORABLE BUDGET VARIANCE INCLUDING THE OVERESTIMATION
OF REVENUES AND THE UNDERESTIMATION OF APPROPRIATIONS, AND SHALL BE
COMPLETED WITHIN THIRTY DAYS OF THE END OF EACH QUARTER. THE ABOVE QUAR-
TERLY BUDGETARY REPORT SHALL BE PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES. THESE REPORTS SHALL BE SUBMITTED TO THE
LOCAL GOVERNING BODY AND CHIEF EXECUTIVE OFFICER OF SUCH MUNICIPALITY,
THE STATE DIRECTOR OF THE BUDGET, THE STATE COMPTROLLER, THE CHAIRMAN OF
THE ASSEMBLY WAYS AND MEANS COMMITTEE AND THE CHAIRMAN OF THE SENATE
FINANCE COMMITTEE.
D. PARAGRAPHS A, B AND C OF THIS SUBDIVISION SHALL ALSO APPLY TO ANY
MUNICIPALITY THAT DIRECTLY OR INDIRECTLY UTILIZES THE PROCEEDS OF DEBT
ISSUED BY ANY PUBLIC BENEFIT CORPORATION OR NOT-FOR-PROFIT CORPORATION
TO FUND A DEFICIT OF THE MUNICIPALITY. ANY SUCH MUNICIPALITY SHALL
COMPLY WITH SUCH PARAGRAPHS BEGINNING WITH ITS FISCAL YEAR IN WHICH SUCH
DEBT HAS BEEN ISSUED, TO AND INCLUDING THE LAST FISCAL YEAR DURING WHICH
SUCH DEBT OR ANY DEBT TO REFUND SUCH DEBT IS OUTSTANDING.
§ 67. INCONSISTENCY WITH OTHER LAWS. TO THE EXTENT THIS ARTICLE IS
INCONSISTENT WITH ANY GENERAL, SPECIAL OR LOCAL LAW CONCERNING BUDGET
PROCEDURES, THIS ARTICLE SHALL APPLY.
§ 68. NOTICE OF BENCHMARKS AND ADDITIONAL CRITERIA. THE COMPTROLLER,
AT LEAST BIENNIALLY, SHALL PROVIDE TO MUNICIPALITIES NOTICE, IN SUCH
MANNER AS THE COMPTROLLER DEEMS APPROPRIATE, OF ALL BENCHMARKS, ALL
COMMONLY ACCEPTED CRITERIA OR FISCAL STRESS OR SUSCEPTIBILITY TO FISCAL
STRESS, AND ANY DEFINITION OF NON-RECURRING REVENUES AS MAY BE SPECIFIED
BY THE COMPTROLLER FOR PURPOSES OF THIS ARTICLE.
§ 69. REPORTS. NOT LATER THAN DECEMBER THIRTY-FIRST OF EACH YEAR, THE
COMPTROLLER SHALL FILE AN ANNUAL REPORT WITH THE GOVERNOR, THE CHAIR OF
THE SENATE FINANCE COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS
COMMITTEE, AND THE STATE DIRECTOR OF THE BUDGET ON THE FINANCIAL CONDI-
TION, DURING THEIR LAST COMPLETED FISCAL YEARS, OF THE MUNICIPALITIES
WHICH ARE SUBJECT TO THE PROVISIONS OF SECTION SIXTY-THREE, SIXTY-FOUR,
SIXTY-FIVE OR SIXTY-SIX OF THIS ARTICLE. THE REPORT SHALL BE IN SUFFI-
CIENT FORM AND DETAIL TO PERMIT AN ACCURATE DEPICTION OF THE FINANCIAL
CONDITION OF EACH SUCH MUNICIPALITY. THE COMPTROLLER SHALL ALSO NOTIFY
THE GOVERNOR, THE CHAIR OF THE SENATE FINANCE COMMITTEE, THE CHAIR OF
THE ASSEMBLY WAYS AND MEANS COMMITTEE, AND THE STATE DIRECTOR OF THE
BUDGET, AS SOON AS PRACTICABLE, IN ANY CASE WHERE THE COMPTROLLER HAS
IDENTIFIED A MUNICIPALITY PURSUANT TO SECTION SIXTY-THREE, SIXTY-FOUR OR
SIXTY-SIX OF THIS ARTICLE.
§ 69-A. NO DUPLICATION. NOTHING IN THIS ARTICLE SHALL BE INTERPRETED
TO REQUIRE EITHER THE COMPTROLLER OR A MUNICIPALITY TO DUPLICATE AN
OVERSIGHT OR REPORTING FUNCTION DUE TO THE APPLICATION OF MORE THAN ONE
PROVISION OF THIS ARTICLE OR ANY OTHER RELATED PROVISION OF LAW TO SUCH
FUNCTION.
§ 3. This act shall take effect immediately. Effective immediately
the addition, amendment and/or repeal of any rule or regulation neces-
sary for the implementation of this act on its effective date are
authorized to be made and completed on or before such date.