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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Apr 22, 2025 |
referred to cities |
Assembly Bill A8019
2025-2026 Legislative Session
Establishes the city of Dunkirk interim finance authority
download bill text pdfSponsored By
MOLITOR
Current Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2025-A8019 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7497
- Current Committee:
- Assembly Cities
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add Art 10-D Title 1-A §§3750 - 3772, Pub Auth L
2025-A8019 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8019
2025-2026 Regular Sessions
I N A S S E M B L Y
April 22, 2025
___________
Introduced by M. of A. MOLITOR -- read once and referred to the Commit-
tee on Cities
AN ACT to amend the public authorities law, in relation to establishing
the city of Dunkirk interim finance authority
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Article 10-D of the public authorities law is amended by
adding a new title 1-A to read as follows:
TITLE 1-A
CITY OF DUNKIRK INTERIM FINANCE AUTHORITY
SECTION 3750. SHORT TITLE.
3751. DEFINITIONS.
3752. CITY OF DUNKIRK INTERIM FINANCE AUTHORITY.
3753. ADMINISTRATION OF THE AUTHORITY.
3754. GENERAL POWERS OF THE AUTHORITY.
3755. DECLARATION OF NEED.
3756. BONDS OF THE AUTHORITY.
3757. RESOURCES OF THE AUTHORITY.
3758. AGREEMENT WITH THE STATE.
3759. AGREEMENT WITH THE CITY.
3760. BONDS LEGAL FOR INVESTMENT AND DEPOSIT.
3761. TAX EXEMPTION AND TAX CONTRACT BY THE STATE.
3762. ACTIONS AGAINST THE AUTHORITY.
3763. AUDITS.
3764. REMEDIES OF BONDHOLDERS.
3765. ASSISTANCE TO THE AUTHORITY; EMPLOYEES OF THE AUTHORITY.
3766. 2025 FISCAL YEAR BUDGET MODIFICATION.
3767. CITY FINANCIAL PLANS.
3768. MONITORING AND REVIEW.
3769. CONTROL PERIOD.
3770. MISCELLANEOUS PROVISIONS.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11445-03-5
A. 8019 2
3771. EFFECT OF INCONSISTENT PROVISIONS.
3772. SEPARABILITY; CONSTRUCTION.
§ 3750. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS THE
"CITY OF DUNKIRK INTERIM FINANCE AUTHORITY ACT".
§ 3751. DEFINITIONS. FOR THE PURPOSES OF THIS TITLE, UNLESS THE
CONTEXT OTHERWISE REQUIRES:
1. "AUTHORITY" OR "CITY OF DUNKIRK INTERIM FINANCE AUTHORITY" MEANS
THE PUBLIC BENEFIT CORPORATION CREATED BY THIS TITLE.
2. "BONDS" MEANS BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS,
ISSUED OR INCURRED BY THE AUTHORITY.
3. "CHIEF FISCAL OFFICER" MEANS THE CHIEF FISCAL OFFICER OF THE CITY
AS DEFINED IN THE CITY CHARTER.
4. "FISCAL AFFAIRS OFFICER" MEANS THE FISCAL AFFAIRS OFFICER OF THE
CITY.
5. "CONTROL PERIOD" MEANS A PERIOD DETERMINED BY THE AUTHORITY IN
ACCORDANCE WITH SECTION THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE.
6. "CITY" MEANS THE CITY OF DUNKIRK.
7. "CITY CHARTER" MEANS THE CITY GOVERNMENT LAW OF THE CITY OF
DUNKIRK, AS AMENDED.
8. "MAYOR" MEANS THE MAYOR OF THE CITY OF DUNKIRK.
9. "CITY TAX REVENUES" MEANS (A) THAT PORTION OF TAX REVENUES THAT IS
DEDUCTED AND WITHHELD FOR TRANSFER AND CREDIT BY THE AUTHORITY TO THE
CITY OF DUNKIRK REVENUE ANTICIPATION NOTE WITHHOLDING FUND ESTABLISHED
BY THE AUTHORITY AND (B) THE BALANCE OF TAX REVENUES TRANSFERRED BY THE
AUTHORITY TO THE CITY, PURSUANT TO SECTION THIRTY-SEVEN HUNDRED FIFTY-
SEVEN OF THIS TITLE.
10. "COVERED ORGANIZATION" MEANS ANY GOVERNMENTAL AGENCY, PUBLIC
AUTHORITY OR PUBLIC BENEFIT CORPORATION WHICH RECEIVES OR MAY RECEIVE
MONEYS DIRECTLY, INDIRECTLY OR CONTINGENTLY FROM THE CITY, BUT EXCLUDING
THE AUTHORITY AND (A) ANY GOVERNMENTAL AGENCY, PUBLIC AUTHORITY OR
PUBLIC BENEFIT CORPORATION SPECIFICALLY EXEMPTED FROM THE PROVISIONS OF
THIS TITLE BY ORDER OF THE AUTHORITY UPON APPLICATION OF SUCH AGENCY,
PUBLIC AUTHORITY, OR CORPORATION TO THE AUTHORITY OR AT THE AUTHORITY'S
OWN MOTION UPON A FINDING BY THE AUTHORITY THAT SUCH EXEMPTION DOES NOT
MATERIALLY AFFECT THE ABILITY OF THE CITY TO ADOPT AND MAINTAIN A BUDGET
PURSUANT TO THE PROVISIONS OF THIS TITLE, AND PROVIDED THAT AT THE TIME
OF SUCH EXEMPTION, THERE SHALL HAVE BEEN AND DURING THE PERIOD OF SUCH
EXEMPTION THERE SHALL BE AN ANNUAL AUDIT BY A NATIONALLY RECOGNIZED
INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM OR CONSORTIUM OF FIRMS, ONE
OF WHICH SHALL BE A NATIONALLY RECOGNIZED FIRM, OF THE COVERED ORGANIZA-
TION'S FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GENERALLY
ACCEPTED AUDITING STANDARDS AND REPORT BY SUCH AUDITOR THEREON WHICH
INCLUDES AN OPINION THAT THE FINANCIAL STATEMENTS SO AUDITED HAVE BEEN
PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND
SUCH OTHER INFORMATION AS SUCH AUDITORS DEEM APPROPRIATE, (B) ANY STATE
PUBLIC AUTHORITY AS DEFINED IN SECTION TWO HUNDRED ONE OF THE CIVIL
SERVICE LAW, UNLESS SPECIFICALLY NAMED ABOVE, OR (C) ANY GOVERNMENTAL
AGENCY, AUTHORITY, COMMISSION OR INSTRUMENTALITY CREATED BY COMPACT OR
AGREEMENT BETWEEN THE STATE OF NEW YORK AND ANOTHER STATE OR STATES;
PROVIDED, HOWEVER, THAT THE AUTHORITY MAY TERMINATE ANY EXEMPTION GRANT-
ED BY ORDER OF THE AUTHORITY PURSUANT TO THIS SUBDIVISION UPON A DETER-
MINATION THAT THE CIRCUMSTANCES UPON WHICH SUCH EXEMPTION WAS GRANTED
ARE NO LONGER APPLICABLE.
11. "DIRECTOR OF THE BUDGET" MEANS THE DIRECTOR OF THE BUDGET OF THE
STATE.
A. 8019 3
12. "FINANCEABLE COSTS" OR "COSTS" MEANS COSTS TO FINANCE (A) AMOUNTS
NECESSARY TO ACCOMPLISH A REFUNDING, REPAYMENT OR RESTRUCTURING OF A
PORTION OF THE CITY'S OUTSTANDING INDEBTEDNESS OR THAT OF ANY COVERED
ORGANIZATION, (B) CASH FLOW NEEDS OF THE CITY, (C) TAX CERTIORARI
SETTLEMENTS AND JUDGMENTS OF ANY KIND TO WHICH THE CITY IS A PARTY, (D)
APPROPRIATED CAPITAL COSTS OF THE CITY, INCLUDING THE COSTS OF ANY
PRELIMINARY STUDIES, SURVEYS, MAPS, PLANS, ESTIMATES AND HEARINGS, (E)
AMOUNTS NECESSARY TO FINANCE ANY CITY DEFICIT, TO THE EXTENT AUTHORIZED
BY STATE LAW, OR (F) INCIDENTAL COSTS, INCLUDING, BUT NOT LIMITED TO,
LEGAL FEES, PRINTING OR ENGRAVING, PUBLICATION OF NOTICES, TAKING OF
TITLE, APPORTIONMENT OF COSTS, AND CAPITALIZED INTEREST, INSURANCE
PREMIUMS, COSTS RELATED TO ITEMS AUTHORIZED IN SUBDIVISIONS SEVEN
THROUGH TEN OF SECTION THIRTY-SEVEN HUNDRED FIFTY-FOUR OF THIS TITLE OR
ANY UNDERWRITING OR OTHER COSTS INCURRED IN CONNECTION WITH THE FINANC-
ING THEREOF.
13. "FINANCIAL PLAN" MEANS THE FINANCIAL PLAN OF THE CITY AND THE
COVERED ORGANIZATIONS TO BE DEVELOPED PURSUANT TO SECTION THIRTY-SEVEN
HUNDRED SIXTY-SEVEN OF THIS TITLE, AS FROM TIME TO TIME AMENDED.
14. "INTERIM FINANCE PERIOD" MEANS THE PERIOD OF TIME FROM THE EFFEC-
TIVE DATE OF THIS TITLE UNTIL THE DATE WHEN (A) THE AUTHORITY SHALL
DETERMINE, BASED ON ANNUAL AUDIT REPORTS FURNISHED IN ACCORDANCE WITH
THIS TITLE, THAT FOR EACH FISCAL YEAR, THROUGH AND INCLUDING FISCAL YEAR
TWO THOUSAND EIGHT, THAT THE CITY HAS ADOPTED AND ADHERED TO BUDGETS
COVERING ALL EXPENDITURES THE RESULTS OF WHICH DID NOT SHOW A MAJOR
OPERATING FUNDS DEFICIT WHEN REPORTED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES, SUBJECT TO THE PROVISIONS OF THIS TITLE,
AND SHALL FURTHER DETERMINE THAT IN THE THEN CURRENT FISCAL YEAR THERE
IS A SUBSTANTIAL LIKELIHOOD THAT THE RESULTS OF THE CITY'S OPERATIONS
WILL NOT SHOW A DEFICIT IN THE MAJOR OPERATING FUNDS WHEN SO REPORTED
AND (B) THE CHIEF FISCAL OFFICER SHALL CERTIFY THAT SECURITIES SOLD BY
OR FOR THE BENEFIT OF THE CITY DURING THE FISCAL YEAR IMMEDIATELY
PRECEDING SUCH DATE AND THE THEN CURRENT FISCAL YEAR IN THE GENERAL
PUBLIC MARKET SATISFIED THE FINANCING REQUIREMENTS OF THE CITY DURING
SUCH PERIOD AND THAT THERE IS A SUBSTANTIAL LIKELIHOOD THAT SUCH SECURI-
TIES CAN BE SOLD IN THE GENERAL PUBLIC MARKET FROM SUCH DATE THROUGH THE
END OF THE NEXT SUCCEEDING FISCAL YEAR IN AMOUNTS WHICH WILL SATISFY
SUBSTANTIALLY ALL OF THE CAPITAL AND SEASONAL FINANCING REQUIREMENTS OF
THE CITY DURING SUCH PERIOD IN ACCORDANCE WITH THE FINANCIAL PLAN THEN
IN EFFECT.
15. "LEGISLATURE" MEANS THE LEGISLATURE OF THE CITY.
16. "MAJOR OPERATING FUNDS" MEANS THE GENERAL FUND, THE POLICE
DISTRICT FUND, THE POLICE HEADQUARTERS FUND, THE CITY PARKS FUND AND THE
FIRE PREVENTION FUND OF THE CITY, TOGETHER WITH ANY OTHER FUNDS OF THE
CITY OR A COVERED ORGANIZATION FROM TIME TO TIME DESIGNATED BY THE
AUTHORITY.
17. "NCIFA ASSISTANCE" MEANS THE AMOUNT OF DEBT SERVICE SAVINGS IN A
GIVEN FISCAL YEAR GENERATED FROM THE PROCEEDS OF BONDS MADE AVAILABLE TO
OR FOR THE BENEFIT OF THE CITY OR ANY COVERED ORGANIZATION AS DETERMINED
BY THE AUTHORITY.
18. "PRESIDING OFFICER" MEANS THE PRESIDING OFFICER OF THE LEGISLA-
TURE, ELECTED PURSUANT TO THE RULES OF THE LEGISLATURE.
19. "PROJECTED GAP" MEANS THE EXCESS, IF ANY, OF ANNUAL AGGREGATE
PROJECTED EXPENDITURES OVER ANNUAL AGGREGATE PROJECTED REVENUES FOR THE
MAJOR OPERATING FUNDS IN EACH YEAR OF A FINANCIAL PLAN AS DETERMINED BY
THE CITY AND CERTIFIED BY THE AUTHORITY. FOR PURPOSES OF DETERMINING THE
PROJECTED GAP IN EACH FISCAL YEAR, ANNUAL AGGREGATE PROJECTED REVENUES
A. 8019 4
SHALL NOT INCLUDE THE AMOUNT OF NCIFA ASSISTANCE OR TRANSITIONAL STATE
AID EXPECTED TO BE AVAILABLE FOR SUCH FISCAL YEAR.
20. "PUBLIC CORPORATION" MEANS AND INCLUDES THE CITY, THE STATE AND
EVERY PUBLIC CORPORATION AS DEFINED IN THE GENERAL CONSTRUCTION LAW.
21. "REVENUES" MEANS THE TAX REVENUES AND ALL AID, RENTS, FEES, CHARG-
ES, PAYMENTS AND OTHER INCOME AND RECEIPTS PAID OR PAYABLE TO THE
AUTHORITY OR A TRUSTEE FOR THE ACCOUNT OF THE AUTHORITY TO THE EXTENT
SUCH AMOUNTS ARE PLEDGED TO BONDHOLDERS, BUT IN NO EVENT SHALL REVENUES
INCLUDE ANY TRANSITIONAL STATE AID.
22. "STATE" MEANS THE STATE OF NEW YORK.
23. "TAX REVENUES" MEANS SALES AND COMPENSATING USE TAX NET
COLLECTIONS PAID OR PAYABLE TO THE AUTHORITY PURSUANT TO SECTION TWELVE
HUNDRED SIXTY-ONE OF THE TAX LAW.
24. "TRANSITIONAL STATE AID" MEANS ANY STATE AID APPROPRIATED TO THE
AUTHORITY FOR THE BENEFIT OF THE CITY FOR (A) UNRESTRICTED AID PURPOSES
AND (B) THE PURPOSE OF ASSISTING THE CITY IN STREAMLINING THE TAX
CERTIORARI CLAIMS PROCESS AND ELIMINATING THE NEED TO BORROW FOR SUCH
COSTS.
§ 3752. CITY OF DUNKIRK INTERIM FINANCE AUTHORITY. 1. THERE IS HEREBY
CREATED THE CITY OF DUNKIRK INTERIM FINANCE AUTHORITY. THE AUTHORITY
SHALL BE A CORPORATE GOVERNMENTAL AGENCY AND INSTRUMENTALITY OF THE
STATE CONSTITUTING A PUBLIC BENEFIT CORPORATION.
2. IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE, THE AUTHORITY MAY
ISSUE BONDS ONLY TO FINANCE COSTS, INCLUDING THE REFUNDING OF BONDS
ISSUED BY THE AUTHORITY TO FINANCE COSTS, AND FUND RESERVES TO SECURE
SUCH BONDS.
3. THE AUTHORITY SHALL CONTINUE UNTIL ITS OVERSIGHT, CONTROL OR OTHER
RESPONSIBILITIES, AND ITS LIABILITIES HAVE BEEN MET OR OTHERWISE
DISCHARGED. UPON THE TERMINATION OF THE EXISTENCE OF THE AUTHORITY, ALL
OF ITS RIGHTS AND PROPERTY SHALL PASS TO AND BE VESTED IN THE CITY.
§ 3753. ADMINISTRATION OF THE AUTHORITY. 1. THE AUTHORITY SHALL BE
ADMINISTERED BY NINE DIRECTORS APPOINTED BY THE GOVERNOR. OF THE NINE
DIRECTORS, ONE EACH SHALL BE APPOINTED ON THE WRITTEN RECOMMENDATION OF
THE TEMPORARY PRESIDENT OF THE SENATE, THE MINORITY LEADER OF THE
SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER OF THE ASSEMBLY
AND THE STATE COMPTROLLER, RESPECTIVELY. TWO OF THE MEMBERS APPOINTED
DIRECTLY BY THE GOVERNOR AND THE MEMBERS APPOINTED ON THE RECOMMENDATION
OF THE TEMPORARY PRESIDENT OF THE SENATE, THE RECOMMENDATION OF THE
MINORITY LEADER OF THE SENATE, THE RECOMMENDATION OF THE SPEAKER OF THE
ASSEMBLY, THE RECOMMENDATION OF THE MINORITY LEADER OF THE ASSEMBLY AND
THE RECOMMENDATION OF THE STATE COMPTROLLER SHALL BE RESIDENTS OF CHAU-
TAUQUA COUNTY. EACH DIRECTOR SHALL BE APPOINTED FOR A TERM OF FOUR
YEARS, PROVIDED HOWEVER, THAT TWO OF THE DIRECTORS FIRST APPOINTED BY
THE GOVERNOR SHALL SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO
THOUSAND TWENTY-NINE, AND THE FIVE OTHER DIRECTORS FIRST APPOINTED SHALL
SERVE FOR THE FOLLOWING TERMS: THE DIRECTORS APPOINTED ON RECOMMENDATION
OF THE TEMPORARY PRESIDENT OF THE SENATE, THE MINORITY LEADER OF THE
SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER OF THE ASSEMBLY
AND THE STATE COMPTROLLER SHALL SERVE FOR A TERM ENDING DECEMBER THIR-
TY-FIRST, TWO THOUSAND THIRTY AND THE TWO REMAINING DIRECTORS FIRST
APPOINTED DIRECTLY BY THE GOVERNOR SHALL SERVE FOR A TERM ENDING ON
DECEMBER THIRTY-FIRST, TWO THOUSAND THIRTY-ONE. EACH DIRECTOR SHALL HOLD
OFFICE UNTIL SUCH DIRECTOR'S SUCCESSOR HAS BEEN APPOINTED AND QUALIFIED.
THEREAFTER EACH DIRECTOR SHALL SERVE A TERM OF FOUR YEARS, EXCEPT THAT
ANY DIRECTOR APPOINTED TO FILL A VACANCY SHALL SERVE ONLY UNTIL THE
EXPIRATION OF THEIR PREDECESSOR'S TERM.
A. 8019 5
2. THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE MINORITY
LEADER OF THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER
OF THE ASSEMBLY, AND THE STATE COMPTROLLER SHALL DESIGNATE A CHAIRPERSON
AND A VICE-CHAIRPERSON FROM AMONG THE DIRECTORS. THE CHAIRPERSON SHALL
PRESIDE OVER ALL MEETINGS OF THE DIRECTORS AND SHALL HAVE SUCH OTHER
DUTIES AS THE DIRECTORS MAY PRESCRIBE. THE VICE-CHAIRPERSON SHALL
PRESIDE OVER ALL MEETINGS OF THE DIRECTORS IN THE ABSENCE OF THE CHAIR-
PERSON AND SHALL HAVE SUCH OTHER DUTIES AS THE DIRECTORS MAY PRESCRIBE.
3. THE DIRECTORS OF THE AUTHORITY SHALL SERVE WITHOUT SALARY, BUT EACH
DIRECTOR SHALL BE REIMBURSED FOR ACTUAL NECESSARY EXPENSES INCURRED IN
THE PERFORMANCE OF SUCH DIRECTOR'S OFFICIAL DUTIES AS A DIRECTOR OF THE
AUTHORITY.
4. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF ANY GENERAL, SPECIAL
OR LOCAL LAW, ORDINANCE, RESOLUTION OR CHARTER, NO OFFICER, MEMBER OR
EMPLOYEE OF THE STATE OF NEW YORK, ANY CITY, COUNTY, TOWN OR VILLAGE,
ANY GOVERNMENTAL ENTITY OPERATING ANY PUBLIC SCHOOL OR COLLEGE, ANY
SCHOOL DISTRICT OR ANY OTHER PUBLIC AGENCY OR INSTRUMENTALITY WHICH
EXERCISES GOVERNMENTAL POWERS UNDER THE LAWS OF THE STATE, SHALL FORFEIT
THEIR OFFICE OR EMPLOYMENT BY REASON OF THEIR ACCEPTANCE OF APPOINTMENT
AS A DIRECTOR, OFFICER OR EMPLOYEE OF THE AUTHORITY, NOR SHALL SERVICE
AS SUCH DIRECTOR, OFFICER OR EMPLOYEE OF THE AUTHORITY BE DEEMED INCOM-
PATIBLE OR IN CONFLICT WITH SUCH OFFICE OR EMPLOYMENT.
5. FIVE DIRECTORS SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF ANY
BUSINESS OR THE EXERCISE OF ANY POWER OF THE AUTHORITY. NO ACTION SHALL
BE TAKEN BY THE AUTHORITY EXCEPT PURSUANT TO A FAVORABLE VOTE OF AT
LEAST FIVE DIRECTORS PARTICIPATING IN A MEETING AT WHICH SUCH ACTION IS
TAKEN.
6. THE AUTHORITY SHALL APPOINT A TREASURER AND MAY APPOINT OFFICERS
AND AGENTS AS IT MAY REQUIRE AND PRESCRIBE THEIR DUTIES.
7. AT LEAST ANNUALLY, COMMENCING NO MORE THAN ONE YEAR AFTER THE DATE
ON WHICH AUTHORITY BONDS ARE FIRST ISSUED, THE AUTHORITY SHALL REPORT TO
THE MAYOR, THE CITY LEGISLATURE, THE FISCAL AFFAIRS OFFICER, THE DIREC-
TOR OF THE BUDGET, THE SPEAKER OF THE ASSEMBLY, THE TEMPORARY PRESIDENT
OF THE SENATE, THE MINORITY LEADER OF THE SENATE, THE MINORITY LEADER OF
THE ASSEMBLY AND THE STATE COMPTROLLER ON THE COSTS FINANCED BY THE
AUTHORITY AND THE AMOUNT OF SUCH FINANCING FOR EACH SUCH COST OVER THE
PAST YEAR.
§ 3754. 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. TO MAKE AND ALTER BY-LAWS FOR ITS ORGANIZATION AND MANAGEMENT AND,
SUBJECT TO AGREEMENTS WITH ITS BONDHOLDERS, TO MAKE AND ALTER RULES AND
REGULATIONS GOVERNING THE EXERCISE OF ITS POWERS AND FULFILLMENT OF ITS
PURPOSES UNDER THIS TITLE;
4. TO MAKE AND EXECUTE CONTRACTS AND ALL OTHER INSTRUMENTS OR AGREE-
MENTS NECESSARY OR CONVENIENT TO CARRY OUT ANY POWERS AND FUNCTIONS
EXPRESSLY GIVEN IN THIS TITLE;
5. TO COMMENCE ANY ACTION TO PROTECT OR ENFORCE ANY RIGHT CONFERRED
UPON IT BY ANY LAW, CONTRACT OR OTHER AGREEMENT;
6. TO BORROW MONEY AND ISSUE BONDS, OR TO REFUND THE SAME, AND TO
PROVIDE FOR THE RIGHTS OF THE HOLDERS OF ITS BONDS;
7. AS SECURITY FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON ANY
BONDS ISSUED BY IT PURSUANT TO THIS TITLE AND ANY AGREEMENTS MADE IN
A. 8019 6
CONNECTION THEREWITH AND FOR ITS OBLIGATIONS UNDER BOND FACILITIES, TO
PLEDGE ALL OR ANY PART OF ITS REVENUES OR ASSETS;
8. TO PROCURE INSURANCE, LETTERS OF CREDIT OR OTHER CREDIT ENHANCEMENT
WITH RESPECT TO ITS BONDS, OR FACILITIES FOR THE PAYMENT OF TENDERS OF
SUCH BONDS OR FACILITIES FOR THE PAYMENT UPON MATURITY OF SHORT-TERM
NOTES NOT RENEWED;
9. TO ENTER INTO INTEREST RATE EXCHANGE OR SIMILAR ARRANGEMENTS WITH
ANY PERSON UNDER SUCH TERMS AND CONDITIONS AS THE AUTHORITY MAY DETER-
MINE, NOT INCONSISTENT WITH THE GENERAL LAWS OF THIS STATE AND OTHER
PROVISIONS OF THIS TITLE, INCLUDING, WITHOUT LIMITATION, PROVISIONS AS
TO DEFAULT OR EARLY TERMINATION AND INDEMNIFICATION BY THE AUTHORITY OR
ANY OTHER PARTY THERETO FOR LOSS OF BENEFITS AS A RESULT THEREOF;
PROVIDED, HOWEVER, THAT SUCH EXCHANGES OR SIMILAR ARRANGEMENTS SHALL BE
LIMITED TO FIFTY PERCENT OF THE AMOUNT AUTHORIZED IN SUBDIVISION ONE OF
SECTION THIRTY-SEVEN HUNDRED FIFTY-SIX OF THIS TITLE TO PAY THE FINANCE-
ABLE COSTS DESCRIBED IN PARAGRAPH (A) OF SUBDIVISION TWELVE OF SECTION
THIRTY-SEVEN HUNDRED FIFTY-ONE OF THIS TITLE;
10. TO PROCURE INSURANCE, LETTERS OF CREDIT OR OTHER CREDIT ENHANCE-
MENT WITH RESPECT TO ARRANGEMENTS DESCRIBED IN SUBDIVISION NINE OF THIS
SECTION;
11. TO ACCEPT GIFTS, GRANTS, LOANS OR CONTRIBUTIONS OF FUNDS OR FINAN-
CIAL OR OTHER AID IN ANY FORM FROM THE CITY, COUNTY, STATE OR FEDERAL
GOVERNMENT OR ANY AGENCY OR INSTRUMENTALITY THEREOF, OR FROM ANY OTHER
SOURCE AND TO EXPEND THE PROCEEDS FOR ANY OF ITS CORPORATE PURPOSES IN
ACCORDANCE WITH THE PROVISIONS OF THIS TITLE;
12. SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH BONDHOLDERS, TO
INVEST ANY FUNDS HELD IN RESERVES OR SINKING FUNDS, OR ANY FUNDS NOT
REQUIRED FOR IMMEDIATE USE OR DISBURSEMENT, AT THE DISCRETION OF THE
AUTHORITY, IN (A) OBLIGATIONS OF THE STATE OR THE UNITED STATES GOVERN-
MENT, (B) OBLIGATIONS THE PRINCIPAL AND INTEREST OF WHICH ARE GUARANTEED
BY THE STATE OR THE UNITED STATES GOVERNMENT, (C) CERTIFICATES OF DEPOS-
IT, WHETHER NEGOTIABLE OR NON-NEGOTIABLE, AND BANKER'S ACCEPTANCES OF
ANY OF THE FIFTY LARGEST BANKS IN THE UNITED STATES WHICH BANK, AT THE
TIME OF INVESTMENT, HAS AN OUTSTANDING UNSECURED, UNINSURED AND UNGUAR-
ANTEED DEBT ISSUE RANKED IN EITHER OF THE TWO HIGHEST RATING CATEGORIES
OF TWO NATIONALLY RECOGNIZED INDEPENDENT RATING AGENCIES, (D) COMMERCIAL
PAPER OF ANY BANK OR CORPORATION CREATED UNDER THE LAWS OF EITHER THE
UNITED STATES OR ANY STATE OF THE UNITED STATES WHICH COMMERCIAL PAPER,
AT THE TIME OF THE INVESTMENT, HAS RECEIVED THE HIGHEST RATING OF TWO
NATIONALLY RECOGNIZED INDEPENDENT RATING AGENCIES, (E) BONDS, DEBEN-
TURES, OR OTHER EVIDENCES OF INDEBTEDNESS, ISSUED OR GUARANTEED AT THE
TIME OF THE INVESTMENT BY THE FEDERAL NATIONAL MORTGAGE ASSOCIATION,
FEDERAL HOME LOAN MORTGAGE CORPORATION, STUDENT LOAN MARKETING ASSOCI-
ATION, FEDERAL FARM CREDIT SYSTEM, OR ANY OTHER UNITED STATES GOVERNMENT
SPONSORED AGENCY, PROVIDED THAT AT THE TIME OF THE INVESTMENT SUCH AGEN-
CY RECEIVES, OR ITS OBLIGATIONS RECEIVE, ANY OF THE THREE HIGHEST RATING
CATEGORIES OF TWO NATIONALLY RECOGNIZED INDEPENDENT RATING AGENCIES, (F)
ANY BONDS OR OTHER OBLIGATIONS OF ANY STATE OR THE UNITED STATES OF
AMERICA OR OF ANY POLITICAL SUBDIVISION THEREOF OR ANY AGENCY, INSTRU-
MENTALITY OR LOCAL GOVERNMENTAL UNIT OF ANY SUCH STATE OR POLITICAL
SUBDIVISION WHICH BONDS OR OTHER OBLIGATIONS, AT THE TIME OF THE INVEST-
MENT, HAVE RECEIVED ANY OF THE THREE HIGHEST RATINGS OF TWO NATIONALLY
RECOGNIZED INDEPENDENT RATING AGENCIES, (G) ANY REPURCHASE AGREEMENT
WITH ANY BANK OR TRUST COMPANY ORGANIZED UNDER THE LAWS OF ANY STATE OF
THE UNITED STATES OF AMERICA OR ANY NATIONAL BANKING ASSOCIATION OR
GOVERNMENT BOND DEALER REPORTING TO, TRADING WITH, AND RECOGNIZED AS A
A. 8019 7
PRIMARY DEALER BY THE FEDERAL RESERVE BANK OF NEW YORK, WHICH AGREEMENT
IS SECURED BY ANY ONE OR MORE OF THE SECURITIES DESCRIBED IN PARAGRAPH
(A), (B) OR (E) OF THIS SUBDIVISION WHICH SECURITIES SHALL AT ALL TIMES
HAVE A MARKET VALUE OF NOT LESS THAN THE FULL AMOUNT OF THE REPURCHASE
AGREEMENT AND BE DELIVERED TO ANOTHER BANK OR TRUST COMPANY ORGANIZED
UNDER THE LAWS OF NEW YORK STATE OR ANY NATIONAL BANKING ASSOCIATION
DOMICILED IN NEW YORK STATE, AS CUSTODIAN, AND (H) REVERSE REPURCHASE
AGREEMENTS WITH ANY BANK OR TRUST COMPANY ORGANIZED UNDER THE LAWS OF
ANY STATE OF THE UNITED STATES OF AMERICA OR ANY NATIONAL BANKING ASSO-
CIATION OR GOVERNMENT BOND DEALER REPORTING TO, TRADING WITH, AND RECOG-
NIZED AS A PRIMARY DEALER BY THE FEDERAL RESERVE BANK OF NEW YORK, WHICH
AGREEMENT IS SECURED BY ANY ONE OR MORE OF THE SECURITIES DESCRIBED IN
PARAGRAPH (A), (B) OR (E) OF THIS SUBDIVISION WHICH SECURITIES SHALL AT
ALL TIMES HAVE A MARKET VALUE OF NOT LESS THAN THE FULL AMOUNT OF THE
REPURCHASE AGREEMENT AND BE DELIVERED TO ANOTHER BANK OR TRUST COMPANY
ORGANIZED UNDER THE LAWS OF NEW YORK STATE OR ANY NATIONAL BANKING ASSO-
CIATION DOMICILED IN NEW YORK STATE, AS CUSTODIAN.
13. TO APPOINT SUCH OFFICERS AND EMPLOYEES AS IT MAY REQUIRE FOR THE
PERFORMANCE OF ITS DUTIES AND TO FIX AND DETERMINE THEIR QUALIFICATIONS,
DUTIES, AND COMPENSATION, AND TO RETAIN OR EMPLOY COUNSEL, AUDITORS AND
PRIVATE FINANCIAL CONSULTANTS AND OTHER SERVICES ON A CONTRACT BASIS OR
OTHERWISE FOR RENDERING PROFESSIONAL, BUSINESS OR TECHNICAL SERVICES AND
ADVICE; AND, IN TAKING SUCH ACTIONS, THE AUTHORITY SHALL CONSIDER THE
FINANCIAL IMPACT ON THE CITY; AND
14. TO DO ANY AND ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT ITS
PURPOSES AND EXERCISE THE POWERS EXPRESSLY GIVEN AND GRANTED IN THIS
TITLE; PROVIDED, HOWEVER, SUCH AUTHORITY SHALL UNDER NO CIRCUMSTANCES
ACQUIRE, HOLD OR TRANSFER TITLE TO, LEASE, OWN BENEFICIALLY OR OTHER-
WISE, MANAGE, OPERATE OR OTHERWISE EXERCISE CONTROL OVER ANY REAL PROP-
ERTY, ANY IMPROVEMENT TO REAL PROPERTY OR ANY INTEREST THEREIN OTHER
THAN A LEASE OR SUBLEASE OF OFFICE SPACE DEEMED NECESSARY OR DESIRABLE
BY THE AUTHORITY.
§ 3755. DECLARATION OF NEED. 1. THE CITY SHALL DETERMINE AND DECLARE
WHETHER IT REQUESTS THE AUTHORITY TO UNDERTAKE A FINANCING OF COSTS. ANY
SUCH REQUEST SHALL BE MADE BY THE MAYOR AND APPROVED BY THE LEGISLATURE.
ANY SUCH FINANCING SHALL BE CONSISTENT WITH THE ADOPTED BUDGET AND
FINANCIAL PLAN REQUIRED UNDER SECTIONS THIRTY-SEVEN HUNDRED SIXTY-SIX
AND THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, AS APPLICABLE.
2. UPON DECLARATION BY THE CITY OF SUCH NEED, THE MAYOR SHALL REQUEST
THAT THE AUTHORITY PROVIDE FINANCING IN ACCORDANCE WITH THE PROVISIONS
OF THIS TITLE.
3. UPON APPROVAL BY THE AUTHORITY, IN ITS DISCRETION IN ACCORDANCE
WITH THE PROVISIONS OF THIS TITLE, OF SUCH FINANCING REQUEST, THE
AUTHORITY MAY ENTER INTO AGREEMENTS WITH THE CITY, AND THE CITY, ACTING
BY THE MAYOR, APPROVED BY THE LEGISLATURE, MAY ENTER INTO AGREEMENTS
WITH THE AUTHORITY IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE AS TO
THE FINANCING OF COSTS BY THE AUTHORITY, THE APPLICATION OF TAX REVENUES
TO THE AUTHORITY TO SECURE ITS BONDS, AND FURTHER ASSURANCES IN RESPECT
OF THE AUTHORITY'S RECEIPT OF SUCH REVENUES AND THE FISCAL AFFAIRS OF
THE CITY, INCLUDING BUT NOT LIMITED TO THE MANNER OF PREPARATION OF
BUDGET REPORTS AND FINANCIAL PLANS AS PROVIDED FOR IN SECTIONS THIRTY-
SEVEN HUNDRED SIXTY-SIX AND THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS
TITLE, AS APPLICABLE. THE AUTHORITY'S REVENUES SHALL NOT BE DEEMED FUNDS
OF THE CITY. ANY SUCH AGREEMENTS MAY BE PLEDGED BY THE AUTHORITY TO
SECURE ITS BONDS AND MAY NOT BE MODIFIED THEREAFTER EXCEPT AS PROVIDED
BY THE TERMS OF THE PLEDGE.
A. 8019 8
4. SUCH AGREEMENTS SHALL (A) DESCRIBE THE PARTICULAR FINANCEABLE COSTS
TO BE FINANCED IN WHOLE OR IN PART BY THE AUTHORITY, (B) DESCRIBE THE
PLAN FOR THE FINANCING OF THE COSTS, (C) SET FORTH THE METHOD BY WHICH
AND BY WHOM AND THE TERMS AND CONDITIONS UPON WHICH MONEY PROVIDED BY
THE AUTHORITY SHALL BE DISBURSED TO THE CITY, (D) WHERE APPROPRIATE,
PROVIDE FOR THE PAYMENT OF SUCH COSTS BY THE CITY UNDER SUCH CONTRACTS
AS SHALL BE AWARDED BY THE CITY OR FOR THE CITY TO MAKE A CAPITAL
CONTRIBUTION OF SUCH PROCEEDS AS CITY FUNDS TO ANOTHER ENTITY FOR THE
PAYMENT OR REIMBURSEMENT OF SUCH COSTS, AND (E) REQUIRE EVERY CONTRACT
ENTERED INTO BY THE CITY, OR ANOTHER ENTITY RECEIVING FUNDS FROM THE
CITY, FOR COSTS TO BE FINANCED IN WHOLE OR IN PART BY THE AUTHORITY TO
BE SUBJECT TO THE PROVISIONS OF THE CITY CHARTER AND OTHER APPLICABLE
LAWS GOVERNING CONTRACTS OF THE CITY OR SUCH ENTITY, AS THE CASE MAY BE.
NOTHING CONTAINED IN THIS TITLE SHALL RELIEVE OR MODIFY THE APPLICATION
TO THE CITY OR ANY ENTITY ACTING ON BEHALF OF THE CITY OR ANY COVERED
ORGANIZATION OF THE REQUIREMENTS OF LAW RELATING TO (I) CONTRACTS FOR
PROCUREMENT, DESIGN, CONSTRUCTION, SERVICES AND MATERIALS, OR (II) THE
PROVISIONS OF SECTION TWO HUNDRED TWENTY OF THE LABOR LAW, OR (III) THE
PROVISIONS OF ARTICLE FIVE-A OF THE GENERAL MUNICIPAL LAW.
5. AT LEAST ANNUALLY, COMMENCING NO MORE THAN ONE YEAR AFTER THE DATE
ON WHICH AUTHORITY BONDS ARE FIRST ISSUED, THE MAYOR SHALL REPORT TO THE
AUTHORITY, FISCAL AFFAIRS OFFICER, THE LEGISLATURE, THE STATE COMP-
TROLLER, THE CHAIRS OF THE SENATE FINANCE COMMITTEE AND THE ASSEMBLY
WAYS AND MEANS COMMITTEE, AND THE DIRECTOR OF THE BUDGET ON THE COSTS
FINANCED BY THE AUTHORITY AND THE AMOUNT OF SUCH FINANCING OVER THE PAST
YEAR, WHICH REPORT SHALL DESCRIBE, BY REFERENCE TO THE SPECIFIC ITEMS IN
THE CITY'S BUDGET OR FINANCIAL PLAN, ITS COMPLIANCE THEREWITH.
§ 3756. BONDS OF THE AUTHORITY. 1. (A) THE AUTHORITY SHALL HAVE THE
POWER AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE BONDS IN SUCH
PRINCIPAL AMOUNTS AS IT MAY DETERMINE TO BE NECESSARY PURSUANT TO
SECTION THIRTY-SEVEN HUNDRED FIFTY-FIVE OF THIS TITLE TO PAY ANY
FINANCEABLE COSTS AND TO FUND RESERVES TO SECURE SUCH BONDS, INCLUDING
INCIDENTAL EXPENSES IN CONNECTION THEREWITH. PROVIDED, HOWEVER, THE
AGGREGATE PRINCIPAL AMOUNTS OF SUCH BONDS ISSUED TO PAY THE FINANCEABLE
CITY COSTS DESCRIBED IN PARAGRAPH (C) OF SUBDIVISION TWELVE OF SECTION
THIRTY-SEVEN HUNDRED FIFTY-ONE OF THIS TITLE, WHICH RESULTED FROM
CERTIORARI PROCEEDINGS COMMENCED ON OR AFTER JUNE FIRST, TWO THOUSAND
TWENTY-FIVE, SHALL NOT EXCEED EIGHT HUNDRED MILLION DOLLARS IN THE
AGGREGATE, EXCLUDING BONDS, NOTES, OR OTHER OBLIGATIONS ISSUED TO REFUND
OR OTHERWISE REPAY BONDS, NOTES, OR OTHER OBLIGATIONS THERETOFORE ISSUED
FOR SUCH PURPOSES. EFFECTIVE IN THE YEAR TWO THOUSAND THIRTY-ONE, UPON
REQUEST OF THE CITY, THE AUTHORITY SHALL ISSUE, IN THE AMOUNT REQUESTED,
BONDS TO PAY TAX CERTIORARI SETTLEMENTS OR JUDGMENTS OF ANY KIND TO
WHICH THE CITY IS A PARTY, NOT TO EXCEED FIFTEEN MILLION DOLLARS; AND
EFFECTIVE IN THE YEAR TWO THOUSAND THIRTY-TWO, UPON REQUEST OF THE CITY,
THE AUTHORITY SHALL ISSUE, IN THE AMOUNT REQUESTED, BONDS TO PAY TAX
CERTIORARI SETTLEMENTS OR JUDGMENTS OF ANY KIND TO WHICH THE CITY IS A
PARTY, NOT TO EXCEED TEN MILLION DOLLARS. WHENEVER THIS TITLE ESTAB-
LISHES A LIMIT ON THE PRINCIPAL AMOUNT OF BONDS THAT THE AUTHORITY IS
AUTHORIZED TO ISSUE, THERE SHALL NOT BE COUNTED AGAINST SUCH LIMIT (I)
AMOUNTS DETERMINED BY THE AUTHORITY AS REASONABLE TO BE USED TO PAY THE
COST OF ISSUING SUCH BONDS, (II) THE AMOUNT OF BONDS THAT WOULD CONSTI-
TUTE INTEREST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND
(III) AMOUNTS DETERMINED BY THE AUTHORITY AS NECESSARY TO ESTABLISH ANY
RESERVES.
A. 8019 9
(B) THE AUTHORITY SHALL HAVE THE POWER FROM TIME TO TIME TO REFUND ANY
BONDS OF THE AUTHORITY BY THE ISSUANCE OF NEW BONDS, WHETHER THE BONDS
TO BE REFUNDED HAVE OR HAVE NOT MATURED, AND MAY ISSUE BONDS PARTLY TO
REFUND BONDS OF THE AUTHORITY THEN OUTSTANDING AND PARTLY TO PAY THE
FINANCEABLE COSTS PURSUANT TO SECTION THIRTY-SEVEN HUNDRED FIFTY-FIVE OF
THIS TITLE. BONDS ISSUED BY THE AUTHORITY SHALL BE PAYABLE SOLELY OUT OF
PARTICULAR REVENUES OR OTHER MONEYS OF THE AUTHORITY AS MAY BE DESIG-
NATED IN THE PROCEEDINGS OF THE AUTHORITY UNDER WHICH THE BONDS SHALL BE
AUTHORIZED TO BE ISSUED, SUBJECT TO ANY AGREEMENTS ENTERED INTO BETWEEN
THE AUTHORITY AND THE CITY, AND SUBJECT TO ANY AGREEMENTS WITH THE HOLD-
ERS OF OUTSTANDING BONDS PLEDGING ANY PARTICULAR REVENUES OR MONEYS; BUT
IN NO EVENT SHALL TRANSITIONAL STATE AID BE PLEDGED AS SECURITY FOR OR
BE MADE AVAILABLE FOR THE PAYMENT OF BONDS.
2. THE AUTHORITY IS AUTHORIZED TO ISSUE ITS BONDS FOR A PERIOD ENDING
NOT LATER THAN DECEMBER THIRTY-FIRST, TWO THOUSAND FORTY-SIX. THE
AUTHORITY MAY ISSUE BONDS TO REFUND BONDS PREVIOUSLY ISSUED WITHOUT
REGARD TO THE LIMITATION IN THE FIRST SENTENCE OF THIS SUBDIVISION, BUT
IN NO EVENT SHALL ANY BONDS OF THE AUTHORITY FINALLY MATURE LATER THAN
JANUARY THIRTY-FIRST, TWO THOUSAND SEVENTY-SIX. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW, NO BOND OF THE AUTHORITY SHALL MATURE MORE THAN
THIRTY YEARS FROM THE DATE OF ITS ISSUE.
3. BONDS OF THE AUTHORITY MAY BE ISSUED, AMORTIZED, REDEEMED AND
REFUNDED WITHOUT REGARD TO THE PROVISIONS OF THE LOCAL FINANCE LAW;
PROVIDED, HOWEVER, THAT THE PRINCIPAL AMOUNT OF OUTSTANDING BONDS ISSUED
BY THE AUTHORITY SHALL BE DEEMED TO BE INDEBTEDNESS OF THE CITY SOLELY
IN ASCERTAINING THE AMOUNT OF INDEBTEDNESS THE CITY MAY CONTRACT PURSU-
ANT TO THE LOCAL FINANCE LAW AND THE STATE CONSTITUTION AND THE AUTHORI-
TY SHALL NOT EXCEED SUCH LIMITATION.
4. THE DIRECTORS MAY DELEGATE TO THE CHAIRPERSON OR OTHER DIRECTOR OR
OFFICER OF THE AUTHORITY THE POWER TO SET THE FINAL TERMS OF BONDS.
5. THE AUTHORITY IN ITS SOLE DISCRETION SHALL DETERMINE THAT THE ISSU-
ANCE OF ITS BONDS IS APPROPRIATE. BONDS SHALL BE AUTHORIZED BY RESOL-
UTION OF THE AUTHORITY. BONDS SHALL BEAR INTEREST AT SUCH FIXED OR
VARIABLE RATES AND SHALL BE IN SUCH DENOMINATIONS, BE IN SUCH FORM,
EITHER COUPON OR REGISTERED, BE SOLD AT SUCH PUBLIC OR PRIVATE SALE, BE
EXECUTED IN SUCH MANNER, BE DENOMINATED IN UNITED STATES CURRENCY, BE
PAYABLE IN SUCH MEDIUM OF PAYMENT, AT SUCH PLACE AND BE SUBJECT TO SUCH
TERMS OF REDEMPTION AS THE AUTHORITY MAY PROVIDE IN SUCH RESOLUTION. NO
BONDS OF THE AUTHORITY MAY BE SOLD AT PRIVATE SALE UNLESS SUCH SALE AND
THE TERMS THEREOF HAVE BEEN APPROVED IN WRITING BY (A) THE STATE COMP-
TROLLER WHERE SUCH SALE IS NOT TO THE STATE COMPTROLLER, OR (B) THE
DIRECTOR OF THE BUDGET, WHERE SUCH SALE IS TO THE STATE COMPTROLLER.
6. AS A CONDITION PRECEDENT TO AUTHORIZING THE ISSUANCE OF ANY BONDS
HEREUNDER, THE AUTHORITY MAY INCLUDE IN ANY AGREEMENT WITH THE CITY SUCH
PROVISIONS AS ARE DEEMED NECESSARY AND APPROPRIATE INCLUDING EXPRESS
PROVISIONS REGARDING COMPLIANCE WITH SECTIONS THIRTY-SEVEN HUNDRED
SIXTY-SIX AND THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, AS APPLI-
CABLE.
7. ANY RESOLUTION OR RESOLUTIONS AUTHORIZING BONDS OR ANY ISSUE OF
BONDS MAY CONTAIN PROVISIONS WHICH MAY BE A PART OF THE CONTRACT WITH
THE HOLDERS OF THE BONDS THEREBY AUTHORIZED AS TO:
(A) PLEDGING ALL OR PART OF THE AUTHORITY'S REVENUES, TOGETHER WITH
ANY OTHER MONEYS, SECURITIES OR CONTRACTS, TO SECURE THE PAYMENT OF THE
BONDS, SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS MAY THEN EXIST;
(B) THE SETTING ASIDE OF RESERVES AND THE CREATION OF SINKING FUNDS
AND THE REGULATION AND DISPOSITION THEREOF;
A. 8019 10
(C) LIMITATIONS ON THE PURPOSES TO WHICH THE PROCEEDS FROM THE SALE OF
BONDS MAY BE APPLIED;
(D) LIMITATIONS ON THE ISSUANCE OF ADDITIONAL BONDS, THE TERMS UPON
WHICH ADDITIONAL BONDS MAY BE ISSUED AND SECURED AND THE REFUNDING OF
BONDS;
(E) THE PROCEDURE, IF ANY, BY WHICH THE TERMS OF ANY CONTRACT WITH
BONDHOLDERS MAY BE AMENDED OR ABROGATED, INCLUDING THE PROPORTION OF
BONDHOLDERS WHICH MUST CONSENT THERETO AND THE MANNER IN WHICH SUCH
CONSENT MAY BE GIVEN;
(F) VESTING IN A TRUSTEE OR TRUSTEES SUCH PROPERTIES, RIGHTS, POWERS
AND DUTIES IN TRUST AS THE AUTHORITY MAY DETERMINE, WHICH MAY INCLUDE
ANY OR ALL OF THE RIGHTS, POWERS AND DUTIES OF THE TRUSTEE APPOINTED BY
THE BONDHOLDERS PURSUANT TO SECTION THIRTY-SEVEN HUNDRED SIXTY-FOUR OF
THIS TITLE AND LIMITING OR ABROGATING THE RIGHTS OF THE BONDHOLDERS TO
APPOINT A TRUSTEE UNDER SUCH SECTION OR LIMITING THE RIGHTS, DUTIES AND
POWERS OF SUCH TRUSTEE; AND
(G) DEFINING THE ACTS OR OMISSIONS TO ACT WHICH MAY CONSTITUTE A
DEFAULT IN THE OBLIGATIONS AND DUTIES OF THE AUTHORITY TO THE BONDHOLD-
ERS AND PROVIDING FOR THE RIGHTS AND REMEDIES OF THE BONDHOLDERS IN THE
EVENT OF SUCH DEFAULT, INCLUDING AS A MATTER OF RIGHT THE APPOINTMENT OF
A RECEIVER; PROVIDED, HOWEVER, THAT SUCH ACTS OR OMISSIONS TO ACT WHICH
MAY CONSTITUTE A DEFAULT AND SUCH RIGHTS AND REMEDIES SHALL NOT BE
INCONSISTENT WITH THE GENERAL LAWS OF THE STATE AND OTHER PROVISIONS OF
THIS TITLE.
8. IN ADDITION TO THE POWERS HEREIN CONFERRED UPON THE AUTHORITY TO
SECURE ITS BONDS, THE AUTHORITY SHALL HAVE POWER IN CONNECTION WITH THE
ISSUANCE OF BONDS TO ENTER INTO SUCH AGREEMENTS FOR THE BENEFIT OF THE
BONDHOLDERS AS THE AUTHORITY MAY DEEM NECESSARY, CONVENIENT OR DESIRABLE
CONCERNING THE USE OR DISPOSITION OF ITS REVENUES OR OTHER MONEYS,
INCLUDING THE ENTRUSTING, PLEDGING OR CREATION OF ANY OTHER SECURITY
INTEREST IN ANY SUCH REVENUES, MONEYS AND THE DOING OF ANY ACT, INCLUD-
ING REFRAINING FROM DOING ANY ACT, WHICH THE AUTHORITY WOULD HAVE THE
RIGHT TO DO IN THE ABSENCE OF SUCH AGREEMENTS. THE AUTHORITY SHALL HAVE
POWER TO ENTER INTO AMENDMENTS OF ANY SUCH AGREEMENTS WITHIN THE POWERS
GRANTED TO THE AUTHORITY BY THIS TITLE AND TO PERFORM SUCH AGREEMENTS.
THE PROVISIONS OF ANY SUCH AGREEMENTS MAY BE MADE A PART OF THE CONTRACT
WITH THE HOLDERS OF BONDS OF THE AUTHORITY.
9. NOTWITHSTANDING ANY PROVISION OF THE UNIFORM COMMERCIAL CODE TO THE
CONTRARY, ANY PLEDGE OF OR OTHER SECURITY INTEREST IN REVENUES, MONEYS,
ACCOUNTS, CONTRACT RIGHTS, GENERAL INTANGIBLES OR OTHER PERSONAL PROPER-
TY MADE OR CREATED BY THE AUTHORITY SHALL BE VALID, BINDING AND
PERFECTED FROM THE TIME WHEN SUCH PLEDGE IS MADE OR OTHER SECURITY
INTEREST ATTACHES WITHOUT ANY PHYSICAL DELIVERY OF THE COLLATERAL OR
FURTHER ACT, AND THE LIEN OF ANY SUCH PLEDGE OR OTHER SECURITY INTEREST
SHALL BE VALID, BINDING AND PERFECTED AGAINST ALL PARTIES HAVING CLAIMS
OF ANY KIND IN TORT, CONTRACT OR OTHERWISE AGAINST THE AUTHORITY IRRE-
SPECTIVE OF WHETHER SUCH PARTIES HAVE NOTICE THEREOF. NO INSTRUMENT BY
WHICH SUCH A PLEDGE OR SECURITY INTEREST IS CREATED NOR ANY FINANCING
STATEMENT NEED BE RECORDED OR FILED.
10. WHETHER OR NOT THE BONDS OF THE AUTHORITY ARE OF SUCH FORM AND
CHARACTER AS TO BE NEGOTIABLE INSTRUMENTS UNDER THE TERMS OF THE UNIFORM
COMMERCIAL CODE, THE BONDS ARE HEREBY MADE NEGOTIABLE INSTRUMENTS WITHIN
THE MEANING OF AND FOR ALL THE PURPOSES OF THE UNIFORM COMMERCIAL CODE,
SUBJECT ONLY TO THE PROVISIONS OF THE BONDS FOR REGISTRATION.
11. NEITHER THE DIRECTORS OF THE AUTHORITY NOR ANY PERSON EXECUTING
BONDS SHALL BE LIABLE PERSONALLY THEREON OR BE SUBJECT TO ANY PERSONAL
A. 8019 11
LIABILITY OR ACCOUNTABILITY SOLELY BY REASON OF THE ISSUANCE THEREOF.
THE BONDS OR OTHER OBLIGATIONS OF THE AUTHORITY SHALL NOT BE A DEBT OF
EITHER THE STATE OR THE CITY, AND NEITHER THE STATE NOR THE CITY SHALL
BE LIABLE THEREON, NOR SHALL THEY BE PAYABLE OUT OF ANY FUNDS OTHER THAN
THOSE OF THE AUTHORITY; AND SUCH BONDS SHALL CONTAIN ON THE FACE THEREOF
A STATEMENT TO SUCH EFFECT.
12. THE AUTHORITY, SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS THEN
MAY EXIST, SHALL HAVE POWER TO PURCHASE BONDS OF THE AUTHORITY OUT OF
ANY MONEYS AVAILABLE THEREFOR, WHICH SHALL THEREUPON BE CANCELLED.
§ 3757. 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) TAX
REVENUES; (B) THE PROCEEDS OF BONDS; AND (C) ANY OTHER PAYMENTS, GIFTS
OR APPROPRIATIONS TO THE AUTHORITY FROM ANY OTHER SOURCE.
2. SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH BONDHOLDERS, (A) THE
MONEY OF THE AUTHORITY SHALL BE PAID TO THE AUTHORITY AND SHALL NOT BE
COMMINGLED WITH ANY OTHER MONEY, AND (B) ALL MONEY RECEIVED BY THE
AUTHORITY WHICH, TOGETHER WITH OTHER MONEY OF THE AUTHORITY AVAILABLE
FOR THE EXPENSES OF THE AUTHORITY, THE PAYMENT OF DEBT SERVICE AND
PAYMENTS TO RESERVE FUNDS, EXCEEDS THE AMOUNT REQUIRED FOR SUCH
PURPOSES, AS DETERMINED BY THE AUTHORITY, SHALL, SUBJECT TO THE
PROVISIONS OF SUBDIVISION SIX OF THIS SECTION AND TO THE TERMS OF ANY
AGREEMENT BETWEEN THE AUTHORITY AND THE CITY, BE TRANSFERRED TO THE CITY
AS FREQUENTLY AS PRACTICABLE.
3. THE MONEY IN ANY OF THE AUTHORITY'S ACCOUNTS SHALL BE PAID OUT ON
CHECKS SIGNED BY THE TREASURER OF THE AUTHORITY, OR BY OTHER LAWFUL AND
APPROPRIATE MEANS SUCH AS WIRE OR ELECTRONIC TRANSFER, ON REQUISITIONS
OF THE CHAIRPERSON OF THE AUTHORITY OR OF SUCH OTHER OFFICER AS THE
DIRECTORS SHALL AUTHORIZE TO MAKE SUCH REQUISITION, OR PURSUANT TO A
BOND RESOLUTION OR TRUST INDENTURE.
4. ALL DEPOSITS OF AUTHORITY MONEY SHALL BE SECURED BY OBLIGATIONS OF
THE UNITED STATES OR OF THE STATE OR OF THE CITY AT A MARKET VALUE AT
LEAST EQUAL AT ALL TIMES TO THE AMOUNT OF THE DEPOSIT, AND ALL BANKS AND
TRUST COMPANIES ARE AUTHORIZED TO GIVE SUCH SECURITY FOR SUCH DEPOSITS.
THE AUTHORITY SHALL HAVE THE POWER, NOTWITHSTANDING THE PROVISIONS OF
THIS SECTION, TO CONTRACT WITH THE HOLDERS OF ANY OF ITS BONDS AS TO THE
CUSTODY, COLLECTION, SECURING, INVESTMENT AND PAYMENT OF ANY MONEY OF
THE AUTHORITY OR ANY MONEY HELD IN TRUST OR OTHERWISE FOR THE PAYMENT OF
BONDS OR IN ANY WAY TO SECURE BONDS, AND TO CARRY OUT ANY SUCH CONTRACT
NOTWITHSTANDING THAT SUCH CONTRACT MAY BE INCONSISTENT WITH THE OTHER
PROVISIONS OF THIS TITLE. MONEY HELD IN TRUST OR OTHERWISE FOR THE
PAYMENT OF BONDS OR IN ANY WAY TO SECURE BONDS AND DEPOSITS OF SUCH
MONEY MAY BE SECURED IN THE SAME MANNER AS MONEY OF THE AUTHORITY, AND
ALL BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE SUCH SECURITY FOR
SUCH DEPOSITS.
5. TAX REVENUES RECEIVED BY THE AUTHORITY PURSUANT TO SECTION TWELVE
HUNDRED SIXTY-ONE OF THE TAX LAW, TOGETHER WITH ANY OTHER REVENUES
RECEIVED BY THE AUTHORITY, SHALL BE APPLIED IN THE FOLLOWING ORDER OF
PRIORITY: FIRST PURSUANT TO THE AUTHORITY'S CONTRACTS WITH BONDHOLDERS,
THEN TO PAY THE AUTHORITY'S OPERATING EXPENSES NOT OTHERWISE PROVIDED
FOR, AND THEN, SUBJECT TO THE AUTHORITY'S AGREEMENTS WITH THE CITY, TO
TRANSFER THE BALANCE OF SUCH TAX REVENUES NOT REQUIRED TO MEET CONTRAC-
TUAL OR OTHER OBLIGATIONS OF THE AUTHORITY TO THE CITY AS FREQUENTLY AS
PRACTICABLE.
A. 8019 12
6. (A) THIS SUBDIVISION SHALL APPLY ONLY TO REVENUE ANTICIPATION
NOTES, INCLUDING RENEWALS THEREOF, ISSUED BY THE CITY DURING ITS FISCAL
YEAR ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-FIVE, IN ANTIC-
IPATION OF THE RECEIPT OF CITY TAX REVENUES, AND ONLY TO SUCH ISSUES OF
REVENUE ANTICIPATION NOTES AS TO WHICH THE CERTIFICATE DESCRIBED IN
PARAGRAPH (B) OF THIS SUBDIVISION IS FILED.
(B) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION FIVE OF THIS SECTION
WITH RESPECT TO THE TRANSFER OF THE BALANCE OF TAX REVENUES TO THE CITY,
PRIOR TO THE DELIVERY OF EACH SUCH ISSUE OF REVENUE ANTICIPATION NOTES,
THE CHIEF FISCAL OFFICER OF THE CITY SHALL FILE WITH THE AUTHORITY A
REQUEST THAT THE AUTHORITY ESTABLISH A CITY OF DUNKIRK REVENUE ANTIC-
IPATION NOTE WITHHOLDING FUND WHICH SHALL CONSTITUTE A SPECIAL BANK
ACCOUNT FOR PURPOSES OF PARAGRAPH G OF SECTION 25.00 OF THE LOCAL
FINANCE LAW. SUCH REQUEST BY SUCH CHIEF FISCAL OFFICER SHALL BE ACCOMPA-
NIED BY A CERTIFICATE SETTING FORTH WITH RESPECT TO SUCH ISSUE (I) THE
PRINCIPAL AMOUNT, (II) THE DATE OF ISSUE, (III) THE MATURITY DATE, (IV)
THE INTEREST RATE OR RATES, (V) IF INTEREST SHALL BE PAYABLE OTHERWISE
THAN AT MATURITY, THE DATE OR DATES FOR THE PAYMENT THEREOF, (VI) THE
NAME AND ADDRESS OF THE PAYING AGENT, (VII) THE NAME AND ADDRESS OF EACH
PURCHASER, OR, IF A PURCHASER SHALL BE A SYNDICATE OR SIMILAR ACCOUNT,
THE NAME AND ADDRESS OF EACH MANAGING UNDERWRITER OF SUCH SYNDICATE OR
SIMILAR ACCOUNT, (VIII) THE AMOUNT PAYABLE ON EACH PRINCIPAL PAYMENT
DATE AND INTEREST PAYMENT DATE, AND (IX) A SCHEDULE SETTING FORTH THE
TOTAL AMOUNT OF CITY TAX REVENUES ANTICIPATED TO BE RECEIVED, AND THE
EXPECTED DATE OR DATES OF ANTICIPATED RECEIPT OF SUCH CITY TAX REVENUES.
SUCH CERTIFICATE SHALL BE ACCOMPANIED BY A STATEMENT EXECUTED BY THE
CHIEF FISCAL OFFICER CERTIFYING THAT THE AMOUNTS AND TIMES OF PAYMENTS
OF CITY TAX REVENUES CONTAINED IN SUCH SCHEDULE HAVE BEEN ESTIMATED BY
THE USE OF REASONABLE AND APPROPRIATE DATA AND METHODS OF ESTIMATION,
ALL IN ACCORDANCE WITH APPLICABLE LAW.
(C) ALL SUCH REVENUE ANTICIPATION NOTES, IN ADDITION TO A PLEDGE OF
THE FAITH AND CREDIT OF THE CITY FOR THE PAYMENT THEREOF, SHALL CONTAIN
A RECITAL TO THE EFFECT THAT THEY ARE ENTITLED TO THE BENEFITS OF THE
PROVISIONS OF THIS SUBDIVISION.
(D) COMMENCING ON THE DATE NOT LESS THAN FIVE DAYS PRIOR TO AND ON
EACH DAY THEREAFTER UP TO AND INCLUDING ANY PRINCIPAL AND/OR INTEREST
PAYMENT DATE REFERRED TO IN THE CERTIFICATE FILED BY THE CHIEF FISCAL
OFFICER WITH THE AUTHORITY PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVI-
SION, THE AUTHORITY SHALL PAY TO SUCH PAYING AGENT FROM CITY TAX REVEN-
UES TRANSFERRED AND CREDITED BY THE AUTHORITY TO THE CITY OF DUNKIRK
REVENUE ANTICIPATION NOTE WITHHOLDING FUND AS PROVIDED IN PARAGRAPH (E)
OF THIS SUBDIVISION THE AMOUNT REQUIRED TO PAY IN FULL THE PRINCIPAL
AND/OR INTEREST DUE ON SUCH PAYMENT DATE AS SET FORTH IN SUCH CERTIF-
ICATE. MONEYS SO PAID SHALL PASS IMMEDIATELY FROM THE AUTHORITY AND VEST
IN SUCH PAYING AGENT IN TRUST FOR THE BENEFIT OF THE HOLDERS OF THE
REVENUE ANTICIPATION NOTES TO WHICH SUCH CERTIFICATE RELATES. NO OTHER
PERSON HAVING ANY CLAIM OF ANY KIND IN TORT, CONTRACT OR OTHERWISE
AGAINST THE CITY SHALL HAVE ANY RIGHT TO OR CLAIM AGAINST THE MONEYS
HELD BY SUCH PAYING AGENT, AND SUCH MONEYS SHALL NOT BE SUBJECT TO ANY
ORDER, JUDGMENT, LIEN, EXECUTION, ATTACHMENT, SETOFF OR COUNTERCLAIM BY
ANY SUCH OTHER PERSON. SUCH MONEYS SHALL BE HELD BY SUCH PAYING AGENT IN
A SEPARATE TRUST ACCOUNT AND SHALL BE APPLIED ONLY TO THE PAYMENT OF THE
PRINCIPAL AND/OR INTEREST DUE ON SUCH REVENUE ANTICIPATION NOTES,
PROVIDED, HOWEVER, THAT THE CONTRACT BY AND BETWEEN THE CITY AND SUCH
PAYING AGENT MAY PROVIDE FOR (I) THE INVESTMENT BY SUCH PAYING AGENT OF
SUCH MONEYS IN DIRECT OBLIGATIONS OF, OR IN OBLIGATIONS GUARANTEED BY,
A. 8019 13
THE UNITED STATES OF AMERICA, PROVIDED SUCH OBLIGATIONS SHALL BE PAYABLE
OR REDEEMABLE AT THE OPTION OF THE HOLDER WITHIN SUCH TIME AS THE
PROCEEDS SHALL BE NEEDED TO PAY SUCH PRINCIPAL AND/OR INTEREST DUE ON
SUCH REVENUE ANTICIPATION NOTES, AND (II) THE USE BY SUCH PAYING AGENT
OF SUCH MONEYS FOR THE PURCHASE OF DIRECT OBLIGATIONS OF, OR OBLIGATIONS
GUARANTEED BY, THE UNITED STATES OF AMERICA UNDER ONE OR MORE REPURCHASE
AGREEMENTS WITH ANY BANK OR TRUST COMPANY HAVING ITS PRINCIPAL OFFICE IN
THE STATE OF NEW YORK, PROVIDED THAT ANY SUCH REPURCHASE AGREEMENT SHALL
PROVIDE FOR THE REPURCHASE OF SUCH OBLIGATIONS WITHIN SUCH TIME AS SUCH
MONEYS ARE NEEDED TO PAY THE PRINCIPAL AND/OR INTEREST DUE ON SUCH
REVENUE ANTICIPATION NOTES AT A REPURCHASE PRICE AT LEAST SUFFICIENT TO
MAKE THE AMOUNT SO INVESTED AVAILABLE FOR THE PAYMENT OF PRINCIPAL
AND/OR INTEREST DUE ON SUCH REVENUE ANTICIPATION NOTES, AND PROVIDED,
FURTHER, THAT, AT THE TIME OF SUCH PURCHASE, THE MARKET VALUE OF SUCH
OBLIGATIONS SHALL BE AT LEAST EQUAL TO ONE HUNDRED TWO PER CENTUM OF THE
AMOUNT SO INVESTED. NO PERSON HAVING ANY CLAIM OF ANY KIND IN TORT,
CONTRACT OR OTHERWISE AGAINST THE CITY SHALL HAVE ANY RIGHT TO OR CLAIM
AGAINST ANY MONEYS IN ANTICIPATION OF WHICH SUCH NOTES HAVE BEEN ISSUED,
OTHER THAN A CLAIM FOR PAYMENT BY THE HOLDERS OF SUCH NOTES, AND SUCH
MONEYS SHALL NOT BE SUBJECT TO ANY ORDER, JUDGMENT, LIEN, EXECUTION,
ATTACHMENT, SETOFF OR COUNTERCLAIM BY ANY SUCH PERSON. NOTWITHSTANDING
ANY PROVISION OF LAW TO THE CONTRARY, NO INSTRUMENT RELATING TO ANY
TRANSACTION AUTHORIZED OR CONTEMPLATED BY THIS PARAGRAPH NEED BE FILED
UNDER THE PROVISIONS OF THE UNIFORM COMMERCIAL CODE.
(E) COMMENCING ON THE DAY WHEN THE AUTHORITY DETERMINES THAT THE PRIN-
CIPAL AND INTEREST DUE OR TO COME DUE ON SUCH OUTSTANDING REVENUE ANTIC-
IPATION NOTES ISSUED AGAINST SUCH CITY TAX REVENUES IN ACCORDANCE WITH
THE PROVISIONS OF THIS SUBDIVISION SHALL EQUAL THE AMOUNT OF SUCH CITY
TAX REVENUES AS SET FORTH ON THE SCHEDULE INCLUDED IN THE CERTIFICATE
FILED WITH THE AUTHORITY PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVISION
REMAINING TO BE PAID TO THE CITY ON OR PRIOR TO ANY PRINCIPAL AND/OR
INTEREST PAYMENT DATE, THE AUTHORITY SHALL DEDUCT AND WITHHOLD FROM THE
AMOUNT OF SUCH CITY TAX REVENUES OTHERWISE PAYABLE TO THE CITY AN AMOUNT
SUFFICIENT TO PAY, WHEN DUE, THE PRINCIPAL OF AND INTEREST ON ALL SUCH
REVENUE ANTICIPATION NOTES ISSUED AND THEN OUTSTANDING IN ANTICIPATION
THEREOF. AMOUNTS SO DEDUCTED AND WITHHELD SHALL BE TRANSFERRED AND CRED-
ITED BY THE AUTHORITY TO THE ACCOUNT ESTABLISHED FOR SUCH CITY TAX
REVENUES IN THE CITY OF DUNKIRK REVENUE ANTICIPATION NOTE WITHHOLDING
FUND ESTABLISHED BY THE AUTHORITY IN ACCORDANCE WITH THE CHIEF FISCAL
OFFICER'S REQUEST PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVISION. THE
PAYMENTS REQUIRED TO BE MADE BY THE AUTHORITY PURSUANT TO PARAGRAPH (D)
OF THIS SUBDIVISION SHALL BE MADE FROM AMOUNTS ON DEPOSIT IN THE
ACCOUNTS ESTABLISHED FOR SUCH CITY TAX REVENUES IN THE CITY OF DUNKIRK
REVENUE ANTICIPATION NOTE WITHHOLDING FUND.
(F) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBDIVISION, AT THE
EXPIRATION OF ONE HUNDRED EIGHTY DAYS AFTER THE MATURITY DATE OF ANY
ISSUE OF REVENUE ANTICIPATION NOTES ISSUED IN ACCORDANCE WITH THE
PROVISIONS OF THIS SUBDIVISION, THE AMOUNTS HELD BY THE PAYING AGENT
THEREOF FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES OF
SUCH ISSUE WHICH HAVE NOT BEEN PRESENTED FOR PAYMENT SHALL BE PAID OVER
AND REMITTED BY SUCH PAYING AGENT TO THE CITY AND THEREAFTER THE HOLDERS
OF SUCH NOTES SHALL LOOK ONLY TO THE CITY FOR SUCH PAYMENT.
(G) ALL OTHER PROVISIONS OF THE LOCAL FINANCE LAW NOT INCONSISTENT
WITH THE PROVISIONS OF THIS SUBDIVISION SHALL CONTINUE TO APPLY TO THE
AUTHORIZATION AND ISSUANCE OF REVENUE ANTICIPATION NOTES BY THE CITY.
A. 8019 14
§ 3758. AGREEMENT WITH THE STATE. THE STATE DOES HEREBY PLEDGE TO AND
AGREE WITH THE HOLDERS OF ANY ISSUE OF BONDS 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 THE AUTHORITY TO
FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH SUCH HOLDERS PURSUANT TO
THIS TITLE, OR IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF SUCH HOLDERS
OR THE SECURITY FOR SUCH BONDS UNTIL SUCH BONDS, TOGETHER WITH THE
INTEREST THEREON AND ALL COSTS AND EXPENSES IN CONNECTION WITH ANY
ACTION OR PROCEEDING BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY PAID AND
DISCHARGED. THE AUTHORITY IS AUTHORIZED TO INCLUDE THIS PLEDGE AND
AGREEMENT OF THE STATE IN ANY AGREEMENT WITH THE HOLDERS OF SUCH BONDS.
NOTHING CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT THE RIGHT OF
THE STATE TO AMEND, MODIFY, REPEAL OR OTHERWISE ALTER STATUTES IMPOSING
OR RELATING TO TAXES OR FEES, OR APPROPRIATIONS RELATING THERETO. THE
AUTHORITY SHALL NOT INCLUDE WITHIN ANY RESOLUTION, CONTRACT OR AGREEMENT
WITH HOLDERS OF THE BONDS ISSUED UNDER THIS TITLE ANY PROVISION WHICH
PROVIDES THAT A DEFAULT OCCURS AS A RESULT OF THE STATE EXERCISING ITS
RIGHT TO AMEND, REPEAL, MODIFY OR OTHERWISE ALTER SUCH TAXES, FEES, OR
APPROPRIATIONS. NOTHING IN THIS TITLE SHALL BE DEEMED TO OBLIGATE THE
STATE TO MAKE ANY PAYMENTS OR IMPOSE ANY TAXES TO SATISFY THE DEBT
SERVICE OBLIGATIONS OF THE AUTHORITY.
§ 3759. AGREEMENT WITH THE CITY. THE CITY IS AUTHORIZED TO PLEDGE TO
AND AGREE WITH THE HOLDERS OF ANY ISSUE OF BONDS ISSUED BY THE AUTHORITY
PURSUANT TO THIS TITLE AND SECURED BY SUCH A PLEDGE THAT THE CITY WILL
NOT LIMIT, ALTER OR IMPAIR THE RIGHTS HEREBY VESTED IN THE AUTHORITY TO
FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH SUCH HOLDERS PURSUANT TO
THIS TITLE, OR IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF SUCH HOLDERS
OR THE SECURITY FOR SUCH BONDS UNTIL SUCH BONDS, TOGETHER WITH THE
INTEREST THEREON AND ALL COSTS AND EXPENSES IN CONNECTION WITH ANY
ACTION OR PROCEEDING BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY PAID AND
DISCHARGED. NOTHING CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT
ANY RIGHT OF THE CITY TO AMEND, MODIFY OR OTHERWISE ALTER LOCAL LAWS,
ORDINANCES OR RESOLUTIONS IMPOSING OR RELATING TO THE TAXES IMPOSED
PURSUANT TO THE AUTHORITY OF ARTICLE TWENTY-NINE OF THE TAX LAW OR OTHER
TAXES OR FEES OR APPROPRIATIONS RELATED TO ANY SUCH TAXES OR FEES, SO
LONG AS, AFTER GIVING EFFECT TO SUCH AMENDMENT, MODIFICATION OR OTHER
ALTERATION, THE AMOUNT OF TAX REVENUES PROJECTED BY THE AUTHORITY TO BE
AVAILABLE DURING EACH OF ITS FISCAL YEARS FOLLOWING THE EFFECTIVE DATE
OF SUCH AMENDMENT, MODIFICATION OR OTHER ALTERATION SHALL BE NOT LESS
THAN TWO HUNDRED PERCENT OF MAXIMUM ANNUAL DEBT SERVICE ON AUTHORITY
BONDS THEN OUTSTANDING. SUBJECT TO THE FOREGOING SENTENCE, THE AUTHORITY
SHALL NOT INCLUDE IN ANY RESOLUTION, CONTRACT OR AGREEMENT WITH THE
HOLDERS OF ITS BONDS ANY PROVISION WHICH PROVIDES THAT A DEFAULT OCCURS
AS A RESULT OF THE CITY EXERCISING ITS RIGHT TO AMEND, MODIFY, OR OTHER-
WISE ALTER SUCH TAXES IMPOSED PURSUANT TO THE AUTHORITY OF ARTICLE TWEN-
TY-NINE OF THE TAX LAW OR OTHER TAXES OR FEES. NOTHING IN THIS TITLE
SHALL BE DEEMED TO OBLIGATE THE CITY TO MAKE ADDITIONAL PAYMENTS OR
IMPOSE TAXES OTHER THAN THOSE IMPOSED PURSUANT TO THE AUTHORITY OF PARA-
GRAPH ONE OF SUBDIVISION (A) OF SECTION TWELVE HUNDRED TEN OF THE TAX
LAW TO SATISFY THE DEBT SERVICE OBLIGATIONS OF THE AUTHORITY.
§ 3760. 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 AND SAVINGS ASSOCIATIONS INCLUDING
A. 8019 15
SAVINGS AND LOAN ASSOCIATIONS, BUILDING AND LOAN ASSOCIATIONS, INVEST-
MENT COMPANIES AND OTHER PERSONS CARRYING ON A BANKING BUSINESS, ALL
ADMINISTRATORS, CONSERVATORS, GUARDIANS, EXECUTORS, TRUSTEES AND OTHER
FIDUCIARIES, AND ALL OTHER PERSONS WHATSOEVER WHO ARE NOW OR MAY HERE-
AFTER BE AUTHORIZED TO INVEST IN BONDS OR IN OTHER OBLIGATIONS OF THE
STATE, MAY PROPERLY AND LEGALLY INVEST FUNDS, INCLUDING CAPITAL, IN
THEIR CONTROL OR BELONGING TO THEM. THE BONDS ARE ALSO HEREBY MADE SECU-
RITIES WHICH MAY BE DEPOSITED WITH AND MAY BE RECEIVED BY ALL PUBLIC
OFFICERS AND BODIES OF THE STATE AND ALL MUNICIPALITIES AND PUBLIC
CORPORATIONS FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER
OBLIGATIONS OF THE STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED.
§ 3761. 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 ARE IN ALL RESPECTS FOR THE BENEFIT OF THE PEOPLE
OF THE STATE OF NEW YORK AND ARE PUBLIC PURPOSES. ACCORDINGLY, THE
AUTHORITY SHALL BE REGARDED AS PERFORMING AN ESSENTIAL GOVERNMENTAL
FUNCTION IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE.
THE PROPERTY OF THE AUTHORITY, ITS INCOME AND ITS OPERATIONS SHALL BE
EXEMPT FROM TAXATION, ASSESSMENTS, SPECIAL ASSESSMENTS AND AD VALOREM
LEVIES. THE AUTHORITY SHALL NOT BE REQUIRED TO PAY ANY FEES, TAXES,
SPECIAL AD VALOREM LEVIES OR ASSESSMENTS OF ANY KIND, WHETHER STATE OR
LOCAL, INCLUDING, BUT NOT LIMITED TO, FEES, TAXES, SPECIAL AD VALOREM
LEVIES OR ASSESSMENTS ON REAL PROPERTY, FRANCHISE TAXES, SALES TAXES OR
OTHER TAXES, UPON OR WITH RESPECT TO ANY PROPERTY OWNED BY IT OR UNDER
ITS JURISDICTION, CONTROL OR SUPERVISION, OR UPON THE USES THEREOF, OR
UPON OR WITH RESPECT TO ITS ACTIVITIES OR OPERATIONS IN FURTHERANCE OF
THE POWERS CONFERRED UPON IT BY THIS TITLE, OR UPON OR WITH RESPECT TO
ANY FARES, TOLLS, RENTALS, RATES, CHARGES, FEES, REVENUES OR OTHER
INCOME RECEIVED BY THE AUTHORITY.
2. ANY BONDS ISSUED PURSUANT TO THIS TITLE, THEIR TRANSFER AND THE
INCOME THEREFROM SHALL, AT ALL TIMES, BE EXEMPT FROM TAXATION.
3. THE STATE HEREBY COVENANTS WITH THE PURCHASERS AND WITH ALL SUBSE-
QUENT HOLDERS AND TRANSFEREES OF BONDS ISSUED BY THE AUTHORITY PURSUANT
TO THIS TITLE, IN CONSIDERATION OF THE ACCEPTANCE OF AND PAYMENT FOR THE
BONDS, THAT THE BONDS OF THE AUTHORITY ISSUED PURSUANT TO THIS TITLE AND
THE INCOME THEREFROM AND ALL REVENUES, MONEYS, AND OTHER PROPERTY
PLEDGED TO PAY OR TO SECURE THE PAYMENT OF SUCH BONDS SHALL AT ALL TIMES
BE EXEMPT FROM TAXATION.
§ 3762. ACTIONS AGAINST THE AUTHORITY. 1. EXCEPT IN AN ACTION FOR
WRONGFUL DEATH, NO ACTION OR PROCEEDING SHALL BE PROSECUTED OR MAIN-
TAINED AGAINST THE AUTHORITY FOR PERSONAL INJURY OR DAMAGE TO REAL OR
PERSONAL PROPERTY ALLEGED TO HAVE BEEN SUSTAINED BY REASON OF THE NEGLI-
GENCE OR WRONGFUL ACT OF THE AUTHORITY OR OF ANY DIRECTOR, OFFICER,
AGENT OR EMPLOYEE THEREOF, UNLESS (A) IT SHALL APPEAR BY AND AS AN ALLE-
GATION IN THE COMPLAINT OR MOVING PAPERS THAT A NOTICE OF CLAIM SHALL
HAVE BEEN MADE AND SERVED UPON THE AUTHORITY, WITHIN THE TIME LIMIT
PRESCRIBED BY AND IN COMPLIANCE WITH SECTION FIFTY-E OF THE GENERAL
MUNICIPAL LAW, (B) IT SHALL APPEAR BY AND AS AN ALLEGATION IN THE
COMPLAINT OR MOVING PAPERS THAT AT LEAST THIRTY DAYS HAVE ELAPSED SINCE
THE SERVICE OF SUCH NOTICE AND THAT ADJUSTMENT OR PAYMENT THEREOF HAS
BEEN NEGLECTED OR REFUSED, AND (C) THE ACTION OR PROCEEDING SHALL BE
COMMENCED WITHIN ONE YEAR AFTER THE HAPPENING OF THE EVENT UPON WHICH
THE CLAIM IS BASED. AN ACTION AGAINST THE AUTHORITY FOR WRONGFUL DEATH
SHALL BE COMMENCED IN ACCORDANCE WITH THE NOTICE OF CLAIM AND TIME LIMI-
TATION PROVISIONS OF TITLE ELEVEN OF ARTICLE NINE OF THIS CHAPTER.
A. 8019 16
2. WHEREVER A NOTICE OF CLAIM IS SERVED UPON THE AUTHORITY, IT SHALL
HAVE THE RIGHT TO DEMAND AN EXAMINATION OF THE CLAIMANT RELATIVE TO THE
OCCURRENCE AND EXTENT OF THE INJURIES OR DAMAGES FOR WHICH CLAIM IS
MADE, IN ACCORDANCE WITH THE PROVISIONS OF SECTION FIFTY-H OF THE GENER-
AL MUNICIPAL LAW.
3. THE AUTHORITY MAY REQUIRE ANY PERSON PRESENTING FOR SETTLEMENT AN
ACCOUNT OR CLAIM FOR ANY CAUSE WHATEVER AGAINST THE AUTHORITY TO BE
SWORN BEFORE A DIRECTOR, COUNSEL OR AN ATTORNEY, OFFICER OR EMPLOYEE
THEREOF DESIGNATED FOR SUCH PURPOSE, CONCERNING SUCH ACCOUNT OR CLAIM
AND WHEN SO SWORN, TO ANSWER ORALLY AS TO ANY FACTS RELATIVE TO SUCH
ACCOUNT OR CLAIM. THE AUTHORITY SHALL HAVE POWER TO SETTLE OR ADJUST ANY
CLAIMS IN FAVOR OF OR AGAINST THE AUTHORITY.
4. THE RATE OF INTEREST TO BE PAID BY THE AUTHORITY UPON ANY JUDGMENT
FOR WHICH IT IS LIABLE, OTHER THAN A JUDGMENT ON BONDS, SHALL NOT EXCEED
THE MAXIMUM RATE OF INTEREST ON JUDGMENTS AND ACCRUED CLAIMS AGAINST
MUNICIPAL AUTHORITIES AS PROVIDED IN THE GENERAL MUNICIPAL LAW. INTEREST
ON PAYMENTS OF PRINCIPAL OR INTEREST ON ANY BONDS IN DEFAULT SHALL
ACCRUE AT THE RATE SPECIFIED IN THE GENERAL MUNICIPAL LAW UNTIL PAID OR
OTHERWISE SATISFIED.
5. THE VENUE OF EVERY ACTION, SUIT OR SPECIAL PROCEEDING BROUGHT
AGAINST THE AUTHORITY SHALL BE LAID IN THE DUNKIRK CITY COURT.
6. NEITHER ANY DIRECTOR OF THE AUTHORITY NOR ANY OFFICER, EMPLOYEE, OR
AGENT OF THE AUTHORITY, WHILE ACTING WITHIN THE SCOPE OF THEIR AUTHORI-
TY, SHALL BE SUBJECT TO ANY LIABILITY RESULTING FROM EXERCISING OR
CARRYING OUT ANY OF THE POWERS GIVEN IN THIS TITLE.
7. (A) THE STATE SHALL SAVE HARMLESS AND INDEMNIFY DIRECTORS, OFFICERS
AND EMPLOYEES OF AND REPRESENTATIVES TO THE AUTHORITY, ALL OF WHOM SHALL
BE DEEMED OFFICERS AND EMPLOYEES OF THE STATE FOR PURPOSES OF SECTION
SEVENTEEN OF THE PUBLIC OFFICERS LAW, AGAINST ANY CLAIM, DEMAND, SUIT,
OR JUDGMENT ARISING BY REASON OF ANY ACT OR OMISSION TO ACT BY SUCH
DIRECTOR, OFFICER, EMPLOYEE OR REPRESENTATIVE OCCURRING IN THE DISCHARGE
OF THEIR DUTIES AND WITHIN THE SCOPE OF THEIR SERVICE ON BEHALF OF THE
AUTHORITY INCLUDING ANY CLAIM, DEMAND, SUIT OR JUDGMENT BASED ON ALLEGA-
TIONS THAT FINANCIAL LOSS WAS SUSTAINED BY ANY PERSON IN CONNECTION WITH
THE ACQUISITION, DISPOSITION OR HOLDING OF SECURITIES OR OTHER OBLI-
GATIONS. IN THE EVENT OF ANY SUCH CLAIM, DEMAND, SUIT OR JUDGMENT, A
DIRECTOR, OFFICER OR EMPLOYEE OF OR REPRESENTATIVE TO THE AUTHORITY
SHALL BE SAVED HARMLESS AND INDEMNIFIED, NOTWITHSTANDING THE LIMITATIONS
OF SUBDIVISION ONE OF SECTION SEVENTEEN OF THE PUBLIC OFFICERS LAW,
UNLESS SUCH INDIVIDUAL IS FOUND BY A FINAL JUDICIAL DETERMINATION NOT TO
HAVE ACTED, IN GOOD FAITH, FOR A PURPOSE WHICH SUCH INDIVIDUAL REASON-
ABLY BELIEVED TO BE IN THE BEST INTEREST OF THE AUTHORITY OR NOT TO HAVE
HAD REASONABLE CAUSE TO BELIEVE THAT SUCH INDIVIDUAL'S CONDUCT WAS
LAWFUL.
(B) IN CONNECTION WITH ANY SUCH CLAIM, DEMAND, SUIT, OR JUDGMENT, ANY
DIRECTOR, OFFICER OR EMPLOYEE OF OR REPRESENTATIVE TO THE AUTHORITY
SHALL BE ENTITLED TO REPRESENTATION BY PRIVATE COUNSEL OF THEIR CHOICE
IN ANY CIVIL JUDICIAL PROCEEDING WHENEVER THE ATTORNEY GENERAL DETER-
MINES BASED UPON THE ATTORNEY GENERAL'S INVESTIGATION AND REVIEW OF THE
FACTS AND CIRCUMSTANCES OF THE CASE THAT REPRESENTATION BY THE ATTORNEY
GENERAL WOULD BE INAPPROPRIATE. THE ATTORNEY GENERAL SHALL NOTIFY THE
INDIVIDUAL IN WRITING OF SUCH DETERMINATION THAT THE INDIVIDUAL IS ENTI-
TLED TO BE REPRESENTED BY PRIVATE COUNSEL. THE ATTORNEY GENERAL MAY
REQUIRE, AS A CONDITION TO PAYMENT OF THE FEES AND EXPENSES OF SUCH
REPRESENTATIVE, THAT APPROPRIATE GROUPS OF SUCH INDIVIDUALS BE REPRES-
ENTED BY THE SAME COUNSEL. IF THE INDIVIDUAL OR GROUPS OF INDIVIDUALS IS
A. 8019 17
ENTITLED TO REPRESENTATION BY PRIVATE COUNSEL UNDER THE PROVISIONS OF
THIS SECTION, THE ATTORNEY GENERAL SHALL SO CERTIFY TO THE STATE COMP-
TROLLER. REASONABLE ATTORNEYS' FEES AND LITIGATION EXPENSES SHALL BE
PAID BY THE STATE TO SUCH PRIVATE COUNSEL FROM TIME TO TIME DURING THE
PENDENCY OF THE CIVIL ACTION OR PROCEEDING, SUBJECT TO CERTIFICATION
THAT THE INDIVIDUAL IS ENTITLED TO REPRESENTATION UNDER THE TERMS AND
CONDITIONS OF THIS SECTION BY THE AUTHORITY, UPON THE AUDIT AND WARRANT
OF THE STATE COMPTROLLER. THE PROVISIONS OF THIS SUBDIVISION SHALL BE IN
ADDITION TO AND SHALL NOT SUPPLANT ANY INDEMNIFICATION OR OTHER BENEFITS
HERETOFORE OR HEREAFTER CONFERRED UPON DIRECTORS, OFFICERS, OR EMPLOYEES
OF AND REPRESENTATIVES TO THE AUTHORITY BY SECTION SEVENTEEN OF THE
PUBLIC OFFICERS LAW, BY ACTION OF THE AUTHORITY OR OTHERWISE. THE
PROVISIONS OF THIS SUBDIVISION SHALL INURE ONLY TO DIRECTORS, OFFICERS
AND EMPLOYEES OF AND REPRESENTATIVES TO THE AUTHORITY, SHALL NOT ENLARGE
OR DIMINISH THE RIGHTS OF ANY OTHER PARTY, AND SHALL NOT IMPAIR, LIMIT
OR MODIFY THE RIGHTS AND OBLIGATIONS OF ANY INSURER UNDER ANY POLICY OF
INSURANCE.
§ 3763. AUDITS. 1. THE ACCOUNTS OF THE AUTHORITY SHALL BE SUBJECT TO
THE AUDIT OF THE FISCAL AFFAIRS OFFICER AND THE STATE COMPTROLLER. IN
ADDITION, THE AUTHORITY SHALL BE SUBJECT TO AN ANNUAL FINANCIAL AUDIT
PERFORMED BY AN INDEPENDENT CERTIFIED ACCOUNTANT SELECTED BY THE AUTHOR-
ITY. SUCH AUDIT REPORT SHALL BE SUBMITTED TO THE MAYOR, THE PRESIDING
OFFICER, THE COMPTROLLER, THE GOVERNOR, THE STATE COMPTROLLER, THE CHAIR
AND RANKING MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE AND THE
CHAIR AND RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMIT-
TEE.
2. FOR EACH FISCAL YEAR DURING THE EXISTENCE OF THE AUTHORITY, AND
WITHIN ONE HUNDRED TWENTY DAYS AFTER THE CLOSE OF THE CITY'S FISCAL
YEAR, THE CITY SHALL SUBMIT ITS AUDITED FINANCIAL STATEMENTS TO THE
AUTHORITY.
§ 3764. REMEDIES OF BONDHOLDERS. SUBJECT TO ANY RESOLUTION OR RESOL-
UTIONS ADOPTED PURSUANT TO PARAGRAPH (F) OF SUBDIVISION SEVEN OF SECTION
THIRTY-SEVEN HUNDRED FIFTY-SIX 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, WHETHER AT MATURITY OR UPON CALL FOR REDEMPTION, AND SUCH
DEFAULT SHALL CONTINUE FOR A PERIOD OF THIRTY DAYS, OR SHALL DEFAULT IN
ANY AGREEMENT MADE WITH THE HOLDERS OF ANY ISSUE OF BONDS, THE HOLDERS
OF AT LEAST TWENTY-FIVE PER CENTUM IN AGGREGATE PRINCIPAL AMOUNT OF THE
BONDS OF SUCH ISSUE THEN OUTSTANDING, BY INSTRUMENT OR INSTRUMENTS FILED
IN THE OFFICE OF THE CLERK OF THE CITY AND PROVED OR ACKNOWLEDGED IN THE
SAME MANNER AS A DEED TO BE RECORDED, MAY APPOINT A TRUSTEE TO REPRESENT
THE HOLDERS OF SUCH BONDS FOR THE PURPOSE PROVIDED IN THIS SECTION.
2. SUCH TRUSTEE MAY, AND UPON WRITTEN REQUEST OF THE HOLDERS OF AT
LEAST TWENTY-FIVE PER CENTUM IN PRINCIPAL AMOUNT OF SUCH BONDS OUTSTAND-
ING SHALL, IN THEIR OWN NAME:
(A) BY ACTION OR PROCEEDING IN ACCORDANCE WITH THE CIVIL PRACTICE LAW
AND RULES, ENFORCE ALL RIGHTS OF THE BONDHOLDERS AND REQUIRE THE AUTHOR-
ITY TO CARRY OUT ANY OTHER AGREEMENTS WITH THE HOLDERS OF SUCH BONDS AND
TO PERFORM ITS DUTIES UNDER THIS TITLE;
(B) BRING AN ACTION OR PROCEEDING UPON SUCH BONDS;
(C) BY ACTION OR PROCEEDING, REQUIRE THE AUTHORITY TO ACCOUNT AS IF IT
WERE THE TRUSTEE OF AN EXPRESS TRUST FOR THE HOLDER OF SUCH BONDS; AND
(D) BY ACTION OR PROCEEDING, ENJOIN ANY ACTS OR THINGS WHICH MAY BE
UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS.
A. 8019 18
3. SUCH TRUSTEE SHALL, IN ADDITION TO THE PROVISIONS OF SUBDIVISIONS
ONE AND TWO OF THIS SECTION, HAVE AND POSSESS ALL OF THE POWERS NECES-
SARY OR APPROPRIATE FOR THE EXERCISE OF ANY FUNCTIONS SPECIFICALLY SET
FORTH IN THIS SECTION OR INCIDENT TO THE GENERAL REPRESENTATION OF BOND-
HOLDERS IN THE ENFORCEMENT AND PROTECTION OF THEIR RIGHTS.
4. THE SUPREME COURT SHALL HAVE JURISDICTION OF ANY ACTION OR PROCEED-
ING BY THE TRUSTEE ON BEHALF OF SUCH BONDHOLDERS.
§ 3765. 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 CORPO-
RATION ITS AGREED PROPORTION OF THE COMPENSATION OR COSTS.
2. OFFICERS AND EMPLOYEES OF STATE OR CITY AGENCIES MAY BE TRANSFERRED
TO THE AUTHORITY WITHOUT EXAMINATION AND WITHOUT LOSS OF ANY CIVIL
SERVICE OR RETIREMENT STATUS OR RIGHTS. ANY OFFICER OR EMPLOYEE OF THE
AUTHORITY WHO HERETOFORE ACQUIRED OR SHALL HEREAFTER ACQUIRE SUCH POSI-
TION STATUS BY TRANSFER AND WHO AT THE TIME OF SUCH TRANSFER WAS A
MEMBER OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM
SHALL CONTINUE TO BE A MEMBER OF SUCH SYSTEM AS LONG AS SUCH OFFICER OR
EMPLOYEE CONTINUES IN SUCH SERVICE, AND SHALL CONTINUE TO HAVE ALL THE
RIGHTS, PRIVILEGES AND OBLIGATIONS OF MEMBERSHIP IN SUCH SYSTEM.
§ 3766. 2025 FISCAL YEAR BUDGET MODIFICATION. 1. THE CONTROL PERIOD AS
SET FORTH IN SECTION THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE SHALL
BE INSTITUTED ON JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE, UNLESS PRIOR
TO SUCH DATE (A) THE MAYOR, AFTER APPROVAL BY THE LEGISLATURE, SHALL
HAVE SUBMITTED TO THE AUTHORITY A MODIFICATION TO THE CITY'S BUDGET FOR
THE TWO THOUSAND TWENTY-FIVE FISCAL YEAR, AS IN EFFECT ON MAY TENTH, TWO
THOUSAND TWENTY-FIVE; AND (B) THE AUTHORITY SHALL HAVE DETERMINED THAT
SUCH MODIFICATION WHEN IMPLEMENTED WILL ENSURE A REDUCTION OF THE
PROJECTED GAP, THROUGH RECURRING OR NONRECURRING ACTIONS, FOR THE TWO
THOUSAND TWENTY-FIVE FISCAL YEAR AND, TOGETHER WITH ANY BUDGET MODIFICA-
TIONS PRIOR TO MAY TENTH, TWO THOUSAND TWENTY-FIVE, THROUGH RECURRING
ACTIONS, FOR THE THREE NEXT SUCCEEDING FISCAL YEARS, IN AN AMOUNT NOT
LESS THAN FIFTY MILLION DOLLARS PER YEAR.
2. IN ORDER THAT SUCH BUDGET MODIFICATION BE EFFECTIVE ON OR BEFORE
JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE, THE MAYOR SHALL WITHIN SEVEN
DAYS FOLLOWING THE EFFECTIVE DATE OF THIS TITLE SUBMIT A PROPOSED
MODIFICATION TO THE LEGISLATURE. WITHIN SEVEN DAYS THEREAFTER, THE
LEGISLATURE SHALL APPROVE SUCH MODIFICATION OR A SUBSTITUTE MODIFICA-
TION. UPON APPROVAL BY THE LEGISLATURE, THE MAYOR SHALL SUBMIT SUCH
MODIFICATION TO THE AUTHORITY. NOT LATER THAN TEN DAYS AFTER SUCH BUDGET
MODIFICATION SHALL HAVE BEEN SUBMITTED TO THE AUTHORITY, THE AUTHORITY
SHALL APPROVE OR DISAPPROVE SUCH MODIFICATION, PROVIDED THAT THE AUTHOR-
ITY MAY APPROVE SUCH MODIFICATION ONLY UPON ITS DETERMINATION THAT SUCH
MODIFICATION WHEN IMPLEMENTED WILL ENSURE SUCH REDUCTION OF THE PROJECT-
ED GAP FOR EACH FISCAL YEAR AS REQUIRED BY SUBDIVISION ONE OF THIS
SECTION.
3. IN THE EVENT THE AUTHORITY SHALL DISAPPROVE SUCH BUDGET MODIFICA-
TION BASED ON DISAPPROVAL OF CERTAIN ACTIONS OR ASSUMPTIONS, THE AUTHOR-
ITY SHALL PROMPTLY THEREAFTER NOTIFY THE MAYOR OF ITS REASONS. THE MAYOR
SHALL THEREAFTER, AFTER APPROVAL BY THE LEGISLATURE, RESUBMIT A BUDGET
MODIFICATION, BASED ON ACTIONS OR ASSUMPTIONS OTHER THAN THOSE THAT HAVE
BEEN DISAPPROVED BY THE AUTHORITY, FOR CONSIDERATION BY THE AUTHORITY
AND IN SUFFICIENT TIME FOR THE AUTHORITY TO HAVE A SEVEN DAY REVIEW
PERIOD PRIOR TO JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE.
§ 3767. CITY FINANCIAL PLANS. 1. (A)(I) THE MAYOR SHALL PREPARE AND
SUBMIT TO THE AUTHORITY A FOUR-YEAR FINANCIAL PLAN, INITIALLY FOR THE
A. 8019 19
FISCAL YEARS ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-SIX
THROUGH TWO THOUSAND TWENTY-NINE, TOGETHER WITH THE PROPOSED BUDGET FOR
THE FISCAL YEAR ENDING ON DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-
SIX, NOT LATER THAN THE DATE REQUIRED FOR SUBMISSION OF SUCH BUDGET TO
THE LEGISLATURE PURSUANT TO THE CITY CHARTER. SUCH FINANCIAL PLAN SHALL,
IN ADDITION TO THE REQUIREMENTS FOR FINANCIAL PLANS SET FORTH IN SUBDI-
VISIONS TWO AND THREE OF THIS SECTION, CONTAIN ACTIONS SUFFICIENT TO
ENSURE WITH RESPECT TO THE MAJOR OPERATING FUNDS FOR EACH FISCAL YEAR OF
THE PLAN THAT ANNUAL AGGREGATE OPERATING EXPENSES FOR SUCH FISCAL YEAR
SHALL NOT EXCEED ANNUAL AGGREGATE OPERATING REVENUES FOR SUCH FISCAL
YEAR. FOR PURPOSES OF DETERMINING OPERATING REVENUES IN THE FISCAL YEARS
ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-SIX THROUGH TWO THOU-
SAND THIRTY-TWO, SUCH PLAN MAY ASSUME (A) BORROWINGS BY THE CITY OR THE
AUTHORITY TO FINANCE TAX CERTIORARI JUDGMENTS OR SETTLEMENTS IN ANNUAL
AMOUNTS NOT EXCEEDING ONE HUNDRED MILLION DOLLARS, OR, IN THE AGGREGATE
FOR ALL SUCH YEARS, FOUR HUNDRED MILLION DOLLARS; HOWEVER, OF SAID FOUR
HUNDRED MILLION DOLLARS, NO MORE THAN FIFTEEN MILLION DOLLARS MAY BE
COUNTED AS OPERATING REVENUE IN THE FISCAL YEAR TWO THOUSAND THIRTY-ONE
AND NO MORE THAN TEN MILLION DOLLARS MAY BE COUNTED AS OPERATING REVENUE
IN FISCAL YEAR TWO THOUSAND THIRTY-TWO, AND (B) RECEIPT BY THE CITY OF
NCIFA ASSISTANCE AND TRANSITIONAL STATE AID IN THE FOLLOWING COLLECTIVE
AMOUNTS FOR EACH RESPECTIVE FISCAL YEAR:
AMOUNT FISCAL YEAR
2026 AMOUNT 2026
2027 AMOUNT 2027
2028 AMOUNT 2028
2029 AMOUNT 2029.
(II) THE ONE HUNDRED MILLION DOLLARS ANNUAL LIMIT ON ASSUMED TAX
CERTIORARI BORROWINGS MAY BE WAIVED BY THE AUTHORITY RESPECTING ANY
FISCAL YEAR, UPON ITS DETERMINATION THAT THE RESULTS OF ANY INCREASED
AND ACCELERATED SETTLEMENT OR LITIGATION EFFORTS BY THE CITY JUSTIFY
SUCH WAIVER.
(B) AS USED IN THIS SUBDIVISION:
(I) "2026 AMOUNT" MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND OPERATIONS UPON ITS
DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
THIRTY-FIVE PER CENTUM AND FORTY PER CENTUM OF THE PROJECTED GAP.
(II) "2027 AMOUNT" MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND OPERATIONS UPON ITS
DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
FORTY-FIVE PER CENTUM AND FIFTY PER CENTUM OF THE PROJECTED GAP.
(III) "2028 AMOUNT" MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND OPERATIONS UPON ITS
DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
SIXTY PER CENTUM AND SIXTY-FIVE PER CENTUM OF THE PROJECTED GAP.
(IV) "2029 AMOUNT" MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND OPERATIONS UPON ITS
DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
EIGHTY PER CENTUM AND EIGHTY-FIVE PER CENTUM OF THE PROJECTED GAP.
2. PURSUANT TO THE PROCEDURES CONTAINED IN THIS SUBDIVISION, EACH YEAR
DURING THE INTERIM FINANCE PERIOD OR DURING A CONTROL PERIOD THE CITY
SHALL DEVELOP, AND MAY FROM TIME TO TIME MODIFY, TAKING INTO ACCOUNT
RECOMMENDATIONS OF THE AUTHORITY, A FOUR YEAR FINANCIAL PLAN COVERING
THE CITY AND THE COVERED ORGANIZATIONS. EACH SUCH FINANCIAL PLAN AND
A. 8019 20
FINANCIAL PLAN MODIFICATION SHALL CONFORM TO THE REQUIREMENTS OF PARA-
GRAPH (A) OF THIS SUBDIVISION AND SHALL PROVIDE THAT THE MAJOR OPERATING
FUNDS OF THE CITY WILL BE BALANCED IN ACCORDANCE WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES. THE FINANCIAL PLAN SHALL BE DEVELOPED AND
APPROVED, AND MAY FROM TIME TO TIME BE MODIFIED, IN ACCORDANCE WITH THE
FOLLOWING PROCEDURES:
(A) THE MAYOR SHALL PREPARE AND SUBMIT TO THE AUTHORITY AND THE LEGIS-
LATURE A REVISED FINANCIAL PLAN COVERING THE FOUR YEAR PERIOD BEGINNING
WITH THE ENSUING FISCAL YEAR, TOGETHER WITH THE PROPOSED BUDGET FOR THE
ENSUING FISCAL YEAR, NOT LATER THAN THE DATE REQUIRED FOR SUBMISSION OF
SUCH BUDGET PURSUANT TO THE CITY CHARTER. ON SUCH DATES, THE MAYOR SHALL
ALSO SUBMIT TO THE AUTHORITY A CERTIFICATE STATING THAT SUCH BUDGET IS
CONSISTENT WITH THE FINANCIAL PLAN SUBMITTED THEREWITH AND THAT OPERA-
TION WITHIN THE BUDGET IS FEASIBLE.
(B) NOT MORE THAN TWENTY DAYS AFTER SUBMISSION OF A FINANCIAL PLAN OR
MORE THAN FIFTEEN DAYS AFTER SUBMISSION OF A FINANCIAL PLAN MODIFICA-
TION, THE AUTHORITY SHALL DETERMINE WHETHER THE FINANCIAL PLAN OR FINAN-
CIAL PLAN MODIFICATION IS COMPLETE AND COMPLIES WITH THE PROVISIONS OF
SECTION THIRTY-SEVEN HUNDRED SIXTY-SIX AND THIS SECTION AND THE OTHER
REQUIREMENTS OF THIS TITLE, AND SHALL SUBMIT ITS RECOMMENDATIONS WITH
RESPECT TO THE FINANCIAL PLAN OR FINANCIAL PLAN MODIFICATION IN ACCORD-
ANCE WITH THE PROVISIONS OF THIS SUBDIVISION.
(C) UPON THE APPROVAL BY THE CITY OF A BUDGET IN ACCORDANCE WITH THE
PROVISIONS OF THE CITY CHARTER AND APPROVAL OF THE FINANCIAL PLAN BY THE
LEGISLATURE, THE MAYOR SHALL SUBMIT SUCH APPROVED BUDGET AND FINANCIAL
PLAN TO THE AUTHORITY ACCOMPANIED BY EXPENDITURE, REVENUE AND CASH FLOW
PROJECTIONS ON A QUARTERLY BASIS AND CERTIFY TO THE AUTHORITY THAT SUCH
BUDGET IS CONSISTENT WITH THE FINANCIAL PLAN TO BE SUBMITTED TO THE
AUTHORITY.
(D) IF THE AUTHORITY DETERMINES THAT THE FINANCIAL PLAN OR FINANCIAL
PLAN MODIFICATION PROVIDED PURSUANT TO PARAGRAPH (C) OR (F) OF THIS
SUBDIVISION IS COMPLETE AND COMPLIES WITH THE STANDARDS SET FORTH IN
THIS SUBDIVISION, THE AUTHORITY SHALL MAKE A CERTIFICATION TO THE CITY
SETTING FORTH REVENUE ESTIMATES AGREED TO BY THE AUTHORITY IN ACCORDANCE
WITH SUCH DETERMINATION.
(E) THE AUTHORITY SHALL, IN THE EVENT IT DISAGREES WITH ELEMENTS OF
THE FINANCIAL PLAN PROVIDED PURSUANT TO PARAGRAPH (C) OR (F) OF THIS
SUBDIVISION, PROVIDE NOTICE THEREOF TO THE MAYOR, THE LEGISLATURE AND
THE FISCAL AFFAIRS OFFICER, WITH COPIES TO THE DIRECTOR OF THE BUDGET,
THE STATE COMPTROLLER, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMIT-
TEE AND THE CHAIR OF THE SENATE FINANCE COMMITTEE, IF, IN THE JUDGMENT
OF THE AUTHORITY, SUCH PLAN:
(I) IS INCOMPLETE;
(II) FAILS TO CONTAIN PROJECTIONS OF REVENUES AND EXPENDITURES THAT
ARE BASED ON REASONABLE AND APPROPRIATE ASSUMPTIONS AND METHODS OF ESTI-
MATION;
(III) FAILS TO PROVIDE THAT OPERATIONS OF THE CITY AND THE COVERED
ORGANIZATIONS WILL BE CONDUCTED WITHIN THE CASH RESOURCES AVAILABLE
ACCORDING TO THE AUTHORITY'S REVENUE ESTIMATES; OR
(IV) FAILS TO COMPLY WITH THE PROVISIONS OF THIS TITLE OR OTHER
REQUIREMENTS OF LAW.
(F) AFTER THE INITIAL ADOPTION OF AN APPROVED FINANCIAL PLAN, THE
REVENUE ESTIMATES CERTIFIED BY THE AUTHORITY AND THE FINANCIAL PLAN
SHALL BE REGULARLY REEXAMINED BY THE AUTHORITY IN CONSULTATION WITH THE
CITY AND THE COVERED ORGANIZATIONS AND THE MAYOR SHALL PROVIDE A MODI-
FIED FINANCIAL PLAN IN SUCH DETAIL AND WITHIN SUCH TIME PERIODS AS THE
A. 8019 21
AUTHORITY MAY REQUIRE. IN THE EVENT OF REDUCTIONS IN SUCH REVENUE ESTI-
MATES, OR IN THE EVENT THE CITY OR A COVERED ORGANIZATION SHALL EXPEND
FUNDS AT A RATE THAT WOULD EXCEED THE AGGREGATE EXPENDITURE LIMITATION
FOR THE CITY OR COVERED ORGANIZATION PRIOR TO THE EXPIRATION OF THE
FISCAL YEAR, THE MAYOR SHALL SUBMIT A FINANCIAL PLAN MODIFICATION TO
EFFECT SUCH ADJUSTMENTS IN REVENUE ESTIMATES AND REDUCTIONS IN TOTAL
EXPENDITURES AS MAY BE NECESSARY TO CONFORM TO SUCH REVISED REVENUE
ESTIMATES OR AGGREGATE EXPENDITURE LIMITATIONS.
(G) IF, WITHIN A TIME PERIOD SPECIFIED BY THE AUTHORITY, THE CITY
FAILS TO MAKE SUCH MODIFICATIONS AFTER REDUCTIONS IN REVENUE ESTIMATES,
OR TO PROVIDE A MODIFIED PLAN IN DETAIL AND WITHIN SUCH TIME PERIOD
REQUIRED BY THE AUTHORITY, THE AUTHORITY SHALL ADOPT A RESOLUTION SO
FINDING.
(H) THE CITY SHALL AMEND ITS BUDGET OR SHALL SUBMIT A FINANCIAL PLAN
MODIFICATION FOR THE APPROVAL OF THE AUTHORITY SUCH THAT THE CITY'S
BUDGET AND THE APPROVED FINANCIAL PLAN SHALL BE CONSISTENT. IN NO EVENT
SHALL THE CITY OPERATE UNDER A BUDGET THAT IS INCONSISTENT WITH AN
APPROVED FINANCIAL PLAN.
3. THE FINANCIAL PLAN SHALL BE IN SUCH FORM AND SHALL CONTAIN SUCH
INFORMATION FOR EACH YEAR DURING WHICH THE FINANCIAL PLAN IS IN EFFECT
AS THE AUTHORITY MAY SPECIFY, AND SHALL INCLUDE THE CITY AND ALL THE
COVERED ORGANIZATIONS, AND SHALL, IN SUCH DETAIL AS THE AUTHORITY FROM
TIME TO TIME MAY PRESCRIBE, INCLUDE (A) STATEMENTS OF ALL ESTIMATED
REVENUES AND OF ALL EXPENDITURES AND CASH FLOW PROJECTIONS OF THE CITY
AND EACH OF THE COVERED ORGANIZATIONS, (B) A REPORT ON THE STATUS OF
EFFORTS TO REFORM AND STREAMLINE THE TAX CERTIORARI CLAIMS PROCESS AND
ELIMINATE THE NEED IN EACH YEAR OF THE PLAN FOR THE CITY TO BORROW TO
FINANCE SUCH CLAIMS OR JUDGMENTS, INCLUDING AN ACCOUNTING OF THE EXPEND-
ITURE OF ANY TRANSITIONAL STATE AID FOR SUCH PURPOSES, AND (C) AN
ACCOUNTING OF THE EXPENDITURE OF ANY REMAINING TRANSITIONAL STATE AID
AVAILABLE TO THE CITY FOR EACH YEAR OF THE PLAN.
4. THE FINANCIAL PLAN SHALL INCLUDE ANY INFORMATION WHICH THE AUTHORI-
TY MAY REQUEST TO SATISFY ITSELF THAT (A) PROJECTED EMPLOYMENT LEVELS,
COLLECTIVE BARGAINING AGREEMENTS AND OTHER ACTIONS RELATING TO EMPLOYEE
COSTS, CAPITAL CONSTRUCTION AND SUCH OTHER MATTERS AS THE AUTHORITY MAY
SPECIFY ARE CONSISTENT WITH THE PROVISIONS MADE FOR SUCH OBLIGATIONS IN
THE FINANCIAL PLAN, (B) THE CITY AND THE COVERED ORGANIZATIONS ARE
TAKING WHATEVER ACTION IS NECESSARY WITH RESPECT TO PROGRAMS MANDATED BY
STATE AND FEDERAL LAW TO ENSURE THAT EXPENDITURES FOR SUCH PROGRAMS ARE
LIMITED TO AND COVERED BY THE EXPENDITURES STATED IN THE FINANCIAL PLAN,
(C) ADEQUATE RESERVES ARE PROVIDED TO MAINTAIN ESSENTIAL PROGRAMS IN THE
EVENT REVENUES HAVE BEEN OVERESTIMATED OR EXPENDITURES UNDERESTIMATED
FOR ANY PERIOD, AND (D) THE CITY HAS ADEQUATE CASH RESOURCES TO MEET ITS
OBLIGATIONS. IN ADDITION, EXCEPT TO THE EXTENT SUCH REPORTING REQUIRE-
MENTS MAY BE MODIFIED PURSUANT TO AGREEMENT BETWEEN THE AUTHORITY AND
THE CITY, FOR EACH FISCAL YEAR OCCURRING DURING THE INTERIM FINANCE
PERIOD OR WHILE BONDS ISSUED PURSUANT TO THIS TITLE ARE OUTSTANDING, THE
MAYOR SHALL PREPARE A QUARTERLY REPORT OF SUMMARIZED BUDGET DATA DEPICT-
ING OVERALL TRENDS OF ACTUAL REVENUES AND BUDGET EXPENDITURES FOR THE
ENTIRE BUDGET RATHER THAN INDIVIDUAL LINE ITEMS AND UPDATED QUARTERLY
CASH FLOW PROJECTIONS OF RECEIPTS AND DISBURSEMENTS. SUCH REPORTS SHALL
COMPARE REVENUE ESTIMATES AND APPROPRIATIONS AS SET FORTH IN SUCH BUDGET
AND IN THE QUARTERLY REVENUE AND EXPENDITURE PROJECTIONS SUBMITTED THER-
EWITH WITH THE ACTUAL REVENUES AND EXPENDITURES MADE TO DATE. SUCH
REPORTS SHALL ALSO COMPARE ACTUAL RECEIPTS AND DISBURSEMENTS WITH THE
ESTIMATES CONTAINED IN THE CASH FLOW PROJECTIONS, TOGETHER WITH VARI-
A. 8019 22
ANCES AND THEIR EXPLANATION. ALL QUARTERLY REPORTS SHALL BE ACCOMPANIED
BY RECOMMENDATIONS FROM THE MAYOR TO THE LEGISLATURE SETTING FORTH ANY
REMEDIAL ACTION NECESSARY TO RESOLVE ANY UNFAVORABLE BUDGET VARIANCE
INCLUDING THE OVERESTIMATION OF REVENUES AND THE UNDERESTIMATION OF
APPROPRIATIONS. THESE REPORTS SHALL BE COMPLETED WITHIN THIRTY DAYS
AFTER THE END OF EACH QUARTER AND SHALL BE SUBMITTED TO THE LEGISLATURE,
THE AUTHORITY, THE DIRECTOR OF THE BUDGET AND THE STATE COMPTROLLER.
EXCEPT DURING A CONTROL PERIOD, FOR EACH FISCAL YEAR OCCURRING DURING
THE INTERIM FINANCE PERIOD OR WHILE BONDS ISSUED PURSUANT TO THIS TITLE
ARE OUTSTANDING, THE MAYOR SHALL SUBMIT A PROPOSED BUDGET OR REVISION
THERETO TO THE AUTHORITY CONCURRENT WITH SUBMISSION TO THE LEGISLATURE,
AND SHALL SUBMIT THE ADOPTED BUDGET TO THE AUTHORITY IMMEDIATELY UPON
ITS ADOPTION.
5. FOR EACH FINANCIAL PLAN AND FINANCIAL PLAN MODIFICATION TO BE
PREPARED AND SUBMITTED BY THE MAYOR TO THE AUTHORITY PURSUANT TO THE
PROVISIONS OF THIS SECTION, THE COVERED ORGANIZATIONS SHALL SUBMIT TO
THE CITY SUCH INFORMATION WITH RESPECT TO THEIR PROJECTED EXPENDITURES,
REVENUES AND CASH FLOWS FOR EACH OF THE YEARS COVERED BY SUCH FINANCIAL
PLAN OR MODIFICATION AS THE MAYOR SHALL DETERMINE. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW LIMITING THE AUTHORITY OF THE CITY WITH RESPECT
TO ANY COVERED ORGANIZATION, THE CITY, IN THE PREPARATION AND SUBMISSION
OF THE FINANCIAL PLAN AND MODIFICATIONS THEREOF, SHALL, EXCEPT FOR DEBT
SERVICE OR FOR OTHER EXPENDITURES TO THE EXTENT THAT SUCH EXPENDITURES
ARE REQUIRED BY LAW, HAVE THE POWER TO DETERMINE THE AGGREGATE EXPENDI-
TURES TO BE ALLOCATED TO ANY COVERED ORGANIZATION IN THE FINANCIAL PLAN
AND ANY MODIFICATIONS THERETO.
6. THE AUTHORITY AND THE CITY SHALL CONFER CONCERNING THE PROJECTED
EFFECT ON THE BUDGETS OF THE CITY AND THE COVERED ORGANIZATIONS OF ANY
CHANGE IN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, OR CHANGE IN THE
APPLICATION OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES TO THE CITY AND
THE COVERED ORGANIZATIONS, MADE OR TO BE IMPLEMENTED AFTER THE EFFECTIVE
DATE OF THIS TITLE. IF THE AUTHORITY DETERMINES THAT IMMEDIATE COMPLI-
ANCE WITH SUCH CHANGE WILL HAVE A MATERIAL EFFECT ON SUCH BUDGETS OVER A
TIME PERIOD INSUFFICIENT TO ACCOMMODATE THE EFFECT WITHOUT A SUBSTANTIAL
ADVERSE IMPACT ON THE DELIVERY OF ESSENTIAL SERVICES BY THE CITY, THE
AUTHORITY MAY AUTHORIZE AND APPROVE A METHOD OF PHASING THE REQUIREMENTS
OF SUCH CHANGE INTO SUCH BUDGETS OVER SUCH REASONABLY EXPEDITIOUS TIME
PERIOD AS THE AUTHORITY DEEMS APPROPRIATE.
§ 3768. MONITORING AND REVIEW. EXCEPT AS OTHERWISE PROVIDED IN SECTION
THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE, THE AUTHORITY SHALL:
1. CONDUCT MEETINGS AT LEAST ANNUALLY;
2. INVESTIGATE, WITHIN THE CITY AND COVERED ORGANIZATIONS, POTENTIAL
VIOLATIONS OF THE PROVISIONS OF THIS CHAPTER, FISCAL MISMANAGEMENT OR
SYSTEMIC NEGLIGENCE; PROVIDED FURTHER THAT THE AUTHORITY SHALL PROVIDE
AN ANNUAL REPORT TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE,
THE MINORITY LEADER OF THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE
MINORITY LEADER OF THE ASSEMBLY AND THE AUTHORITIES BUDGET OFFICE
DETAILING SUCH INVESTIGATIONS;
3. OBTAIN FROM THE CITY ALL INFORMATION REQUIRED PURSUANT TO THIS
SECTION, AND SUCH OTHER 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;
4. RECOMMEND TO THE CITY AND THE COVERED ORGANIZATIONS SUCH MEASURES
RELATING TO THEIR OPERATION, MANAGEMENT, EFFICIENCY AND PRODUCTIVITY AS
A. 8019 23
THE AUTHORITY DEEMS APPROPRIATE TO REDUCE COSTS AND IMPROVE SERVICES SO
AS TO ADVANCE THE PURPOSES OF THIS TITLE;
5. CONSULT WITH THE CITY IN THE PREPARATION OF THE BUDGET OF THE CITY;
6. WITH RESPECT TO ANY CITY BORROWING PROPOSED TO BE ISSUED AFTER JULY
FIRST, TWO THOUSAND TWENTY-FIVE, REVIEW THE TERMS OF AND COMMENT, WITHIN
THIRTY DAYS AFTER NOTIFICATION BY THE CITY OF A PROPOSED BORROWING, ON
THE PRUDENCE OF EACH PROPOSED ISSUANCE OF BONDS OR NOTES TO BE ISSUED BY
THE CITY AND NO SUCH BORROWING SHALL BE MADE UNLESS FIRST REVIEWED AND
COMMENTED UPON BY THE AUTHORITY. THE AUTHORITY SHALL PROVIDE SUCH
COMMENTS WITHIN THIRTY DAYS AFTER NOTIFICATION BY THE CITY OF A PROPOSED
BORROWING TO THE MAYOR, THE FISCAL AFFAIRS OFFICER, THE LEGISLATURE, THE
DIRECTOR OF THE BUDGET AND THE STATE COMPTROLLER;
7. DETERMINE WHETHER TO MAKE TRANSITIONAL STATE AID AVAILABLE, AND ON
WHAT SCHEDULE, BASED UPON THE CITY'S COMPLIANCE WITH THE REQUIREMENTS OF
SECTIONS THIRTY-SEVEN HUNDRED SIXTY-SIX AND THIRTY-SEVEN HUNDRED SIXTY-
SEVEN OF THIS TITLE, AS APPLICABLE, AND THE REQUIREMENTS, IF ANY, OF THE
APPROPRIATIONS BILLS AUTHORIZING SUCH TRANSITIONAL STATE AID; AND
8. PERFORM SUCH AUDITS AND REVIEWS OF THE CITY AND ANY AGENCY THEREOF
AND ANY COVERED ORGANIZATIONS AS IT DEEMS NECESSARY.
§ 3769. CONTROL PERIOD. 1. THE AUTHORITY SHALL IMPOSE A CONTROL PERIOD
UPON ITS DETERMINATION AT ANY TIME THAT ANY OF THE FOLLOWING EVENTS HAVE
OCCURRED OR THAT THERE IS A SUBSTANTIAL LIKELIHOOD AND IMMINENCE OF SUCH
OCCURRENCE: (A) THE CITY SHALL HAVE FAILED TO PAY THE PRINCIPAL OF OR
INTEREST ON ANY OF ITS BONDS OR NOTES WHEN DUE OR PAYABLE, (B) THE CITY
SHALL HAVE INCURRED A MAJOR OPERATING FUNDS DEFICIT OF ONE PERCENT OR
MORE IN THE AGGREGATE RESULTS OF OPERATIONS OF SUCH FUNDS DURING ITS
FISCAL YEAR ASSUMING ALL REVENUES AND EXPENDITURES ARE REPORTED IN
ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, SUBJECT TO THE
PROVISIONS OF THIS TITLE, (C) THE CITY SHALL HAVE OTHERWISE VIOLATED ANY
PROVISION OF THIS TITLE AND SUCH VIOLATION SUBSTANTIALLY IMPAIRS THE
MARKETABILITY OF THE CITY'S BONDS OR NOTES, (D) THE CHIEF FISCAL OFFI-
CER'S CERTIFICATION AT ANY TIME, AT THE REQUEST OF THE AUTHORITY OR ON
THE CHIEF FISCAL OFFICER'S INITIATIVE, WHICH CERTIFICATION SHALL BE MADE
FROM TIME TO TIME AS PROMPTLY AS CIRCUMSTANCES WARRANT AND REPORTED TO
THE AUTHORITY, THAT ON THE BASIS OF FACTS EXISTING AT SUCH TIME SUCH
OFFICER COULD NOT MAKE THE CERTIFICATION DESCRIBED BY PARAGRAPH (B) OF
THIS SUBDIVISION IN THE DEFINITION OF INTERIM FINANCE PERIOD IN SECTION
THIRTY-SEVEN HUNDRED FIFTY-ONE OF THIS TITLE, OR (E) THE AUTHORITY MAKES
THE FINDING REQUIRED UNDER PARAGRAPH (G) OF SUBDIVISION TWO OF SECTION
THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE. THE AUTHORITY SHALL
TERMINATE ANY SUCH CONTROL PERIOD WHEN IT DETERMINES THAT NONE OF THE
CONDITIONS WHICH WOULD PERMIT THE AUTHORITY TO IMPOSE A CONTROL PERIOD
EXIST. AFTER TERMINATION OF A CONTROL PERIOD THE AUTHORITY SHALL ANNUAL-
LY CONSIDER PARAGRAPHS (A) THROUGH (E) OF THIS SUBDIVISION AND DETERMINE
WHETHER, IN ITS JUDGMENT, ANY OF THE EVENTS DESCRIBED IN SUCH PARAGRAPHS
HAVE OCCURRED AND THE AUTHORITY SHALL PUBLISH EACH SUCH DETERMINATION.
ANY CERTIFICATION MADE BY THE CHIEF FISCAL OFFICER HEREUNDER SHALL BE
BASED ON SUCH OFFICER'S WRITTEN DETERMINATION WHICH SHALL TAKE INTO
ACCOUNT A REPORT AND OPINION OF AN INDEPENDENT EXPERT IN THE MARKETING
OF MUNICIPAL SECURITIES SELECTED BY THE AUTHORITY, AND THE OPINION OF
SUCH EXPERT AND ANY OTHER INFORMATION TAKEN INTO ACCOUNT SHALL BE MADE
PUBLIC WHEN DELIVERED TO THE AUTHORITY. NOTWITHSTANDING ANY PART OF THE
FOREGOING TO THE CONTRARY, IN NO EVENT SHALL ANY CONTROL PERIOD CONTINUE
BEYOND THE LATER OF (I) JANUARY FIRST, TWO THOUSAND FIFTY-FIVE, OR (II)
THE DATE WHEN ALL BONDS OF THE AUTHORITY ARE REFUNDED, DISCHARGED OR
OTHERWISE DEFEASED.
A. 8019 24
2. IN CARRYING OUT THE PURPOSES OF THIS TITLE DURING ANY CONTROL PERI-
OD:
(A) THE AUTHORITY SHALL (I) CONSULT WITH THE CITY AND THE COVERED
ORGANIZATIONS IN THE PREPARATION OF THE FINANCIAL PLAN, AND CERTIFY TO
THE CITY THE REVENUE ESTIMATES APPROVED THEREIN, (II) PRESCRIBE THE FORM
OF THE FINANCIAL PLAN AND THE SUPPORTING INFORMATION REQUIRED IN
CONNECTION THEREWITH, (III) EXERCISE THE RIGHTS OF APPROVAL, DISAPPROVAL
AND MODIFICATION WITH RESPECT TO THE FINANCIAL PLAN, INCLUDING BUT NOT
LIMITED TO THE REVENUE ESTIMATES CONTAINED THEREIN, AND (IV) IN THE
EVENT THE AUTHORITY HAS MADE THE FINDING REQUIRED UNDER SECTION THIRTY-
SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, FORMULATE AND ADOPT ITS MODIFI-
CATIONS TO THE FINANCIAL PLAN, SUCH MODIFICATIONS TO BECOME EFFECTIVE ON
THEIR ADOPTION BY THE AUTHORITY.
(B) THE AUTHORITY SHALL, FROM TIME TO TIME AND TO THE EXTENT IT DEEMS
NECESSARY OR DESIRABLE IN ORDER TO ACCOMPLISH THE PURPOSES OF THIS
TITLE, (I) REVIEW THE OPERATIONS, MANAGEMENT, EFFICIENCY AND PRODUCTIV-
ITY OF SUCH CITY OPERATIONS AND OF SUCH COVERED ORGANIZATIONS OR
PORTIONS THEREOF AS THE AUTHORITY MAY DETERMINE, AND MAKE REPORTS THERE-
ON; (II) AUDIT COMPLIANCE WITH THE FINANCIAL PLAN IN SUCH AREAS AS THE
AUTHORITY MAY DETERMINE; (III) RECOMMEND TO THE CITY AND THE COVERED
ORGANIZATIONS SUCH MEASURES RELATING TO THEIR OPERATIONS, MANAGEMENT,
EFFICIENCY AND PRODUCTIVITY AS IT DEEMS APPROPRIATE TO REDUCE COSTS AND
IMPROVE SERVICES SO AS TO ADVANCE THE PURPOSES OF THIS TITLE; AND (IV)
OBTAIN INFORMATION ON THE FINANCIAL CONDITION AND NEEDS OF THE CITY AND
THE COVERED ORGANIZATIONS. NOTHING HEREIN SHALL DIMINISH THE POWERS OF
THE STATE COMPTROLLER OTHERWISE PROVIDED BY LAW AND THE AUTHORITY MAY
REQUEST THE ASSISTANCE OF THE STATE COMPTROLLER IN THE PERFORMANCE OF
THE ABOVE FUNCTIONS.
(C) THE AUTHORITY SHALL (I) RECEIVE FROM THE CITY AND THE COVERED
ORGANIZATIONS AND FROM THE STATE COMPTROLLER, AND REVIEW, SUCH FINANCIAL
STATEMENTS AND PROJECTIONS, BUDGETARY DATA AND INFORMATION, AND MANAGE-
MENT REPORTS AND MATERIALS AS THE AUTHORITY DEEMS NECESSARY OR DESIRABLE
TO ACCOMPLISH THE PURPOSES OF THIS TITLE, AND (II) INSPECT, COPY AND
AUDIT SUCH BOOKS AND RECORDS OF THE CITY AND THE COVERED ORGANIZATIONS
AS THE AUTHORITY DEEMS NECESSARY OR DESIRABLE TO ACCOMPLISH THE PURPOSES
OF THIS TITLE.
(D) ALL CONTRACTS ENTERED INTO BY THE CITY OR ANY COVERED ORGANIZATION
DURING ANY CONTROL PERIOD MUST BE CONSISTENT WITH THE PROVISIONS OF THIS
TITLE AND MUST COMPLY WITH THE REQUIREMENTS OF THE FINANCIAL PLAN AS
APPROVED BY THE AUTHORITY. WITH RESPECT TO ALL CONTRACTS OR OTHER OBLI-
GATIONS TO BE ENTERED INTO BY THE CITY OR ANY COVERED ORGANIZATION
DURING ANY CONTROL PERIOD REQUIRING THE PAYMENT OF FUNDS OR THE INCUR-
RING OF COSTS BY THE CITY OR ANY COVERED ORGANIZATIONS:
(I) WITHIN TWENTY DAYS FROM THE COMMENCEMENT OF A CONTROL PERIOD, THE
MAYOR SHALL PRESENT TO THE AUTHORITY PROPOSED GUIDELINES RESPECTING THE
CATEGORIES AND TYPES OF CONTRACTS AND OTHER OBLIGATIONS REQUIRED TO BE
REVIEWED BY THE AUTHORITY PURSUANT TO THIS SUBDIVISION. ANY SUCH GUIDE-
LINES MAY PROVIDE A DIFFERENT STANDARD FOR REVIEW WITH RESPECT TO
CONTRACTS OF ANY COVERED ORGANIZATION AS THE AUTHORITY SHALL DETERMINE.
WITHIN THIRTY DAYS FROM THE COMMENCEMENT OF A CONTROL PERIOD, THE
AUTHORITY SHALL APPROVE OR MODIFY AND APPROVE SUCH PROPOSED GUIDELINES
OR PROMULGATE ITS OWN IN THE EVENT THAT SUCH PROPOSED GUIDELINES ARE NOT
SUBMITTED TO IT WITHIN THE TWENTY DAYS AS PROVIDED FOR HEREIN. SUCH
GUIDELINES MAY THEREAFTER BE MODIFIED BY THE AUTHORITY FROM TIME TO TIME
ON NOT LESS THAN THIRTY DAYS' NOTICE TO THE MAYOR AND THE MAYOR MAY FROM
TIME TO TIME PROPOSE MODIFICATIONS TO THE AUTHORITY. UNLESS EXPRESSLY
A. 8019 25
DISAPPROVED OR MODIFIED BY THE AUTHORITY WITHIN THIRTY DAYS, OR SUCH
ADDITIONAL TIME, NOT EXCEEDING THIRTY DAYS, AS THE AUTHORITY SHALL HAVE
NOTIFIED THE CITY OR COVERED ORGANIZATION THAT IT REQUIRES TO COMPLETE
IT'S REVIEW AND ANALYSIS, FROM THE DATE OF SUBMISSION BY THE MAYOR, ANY
SUCH PROPOSED GUIDELINES OR MODIFICATIONS SHALL BE DEEMED APPROVED BY
THE AUTHORITY;
(II) PRIOR TO ENTERING INTO ANY CONTRACT OR OTHER OBLIGATION SUBJECT
TO REVIEW OF THE AUTHORITY UNDER ITS GUIDELINES, THE CITY OR ANY COVERED
ORGANIZATION SHALL SUBMIT A COPY OF SUCH CONTRACT OR OTHER OBLIGATION TO
THE AUTHORITY ACCOMPANIED BY AN ANALYSIS OF THE PROJECTED COSTS OF SUCH
CONTRACT OR OTHER OBLIGATION AND CERTIFICATION THAT PERFORMANCE THEREOF
WILL BE IN ACCORDANCE WITH THE FINANCIAL PLAN, ALL IN SUCH FORM AND WITH
SUCH ADDITIONAL INFORMATION AS THE AUTHORITY MAY PRESCRIBE. THE AUTHORI-
TY SHALL PROMPTLY REVIEW THE TERMS OF SUCH CONTRACT OR OTHER OBLIGATION
AND THE SUPPORTING INFORMATION IN ORDER TO DETERMINE COMPLIANCE WITH THE
FINANCIAL PLAN;
(III) THE AUTHORITY SHALL, BY ORDER, DISAPPROVE ANY CONTRACT OR OTHER
OBLIGATION REVIEWED BY IT ONLY AFTER ADOPTION OF A RESOLUTION DETERMIN-
ING THAT, IN ITS JUDGMENT, THE PERFORMANCE OF SUCH CONTRACT OR OTHER
OBLIGATION WOULD BE INCONSISTENT WITH THE FINANCIAL PLAN, AND UPON SUCH
ORDER THE CITY OR COVERED ORGANIZATION SHALL NOT ENTER INTO SUCH
CONTRACT OR OTHER OBLIGATION; AND
(IV) IF THE AUTHORITY APPROVES THE TERMS OF A REVIEWED CONTRACT OR
OTHER OBLIGATION, THE CITY OR COVERED ORGANIZATION MAY ENTER INTO SUCH
CONTRACT OR OTHER OBLIGATION UPON THE TERMS SUBMITTED TO THE AUTHORITY.
FAILURE OF THE AUTHORITY TO NOTIFY THE CITY OR COVERED ORGANIZATION
WITHIN THIRTY DAYS, OR SUCH ADDITIONAL TIME, NOT EXCEEDING THIRTY DAYS,
AS THE AUTHORITY SHALL HAVE NOTIFIED THE CITY OR COVERED ORGANIZATION
THAT IT REQUIRES TO COMPLETE ITS REVIEW AND ANALYSIS, AFTER SUBMISSION
TO IT OF A CONTRACT OR OTHER OBLIGATION THAT SUCH CONTRACT OR OTHER
OBLIGATION HAS BEEN DISAPPROVED SHALL BE DEEMED TO CONSTITUTE AUTHORITY
APPROVAL THEREOF.
(E) THE AUTHORITY SHALL REVIEW THE TERMS OF EACH PROPOSED LONG-TERM
AND SHORT-TERM BORROWING BY THE CITY AND ANY COVERED ORGANIZATION TO BE
AFFECTED DURING ANY CONTROL PERIOD, AND NO SUCH BORROWING SHALL BE MADE
DURING ANY CONTROL PERIOD UNLESS IT IS APPROVED BY THE AUTHORITY.
NEITHER THE CITY NOR ANY COVERED ORGANIZATION SHALL BE PROHIBITED FROM
ISSUING BONDS OR NOTES TO PAY OUTSTANDING BONDS OR NOTES.
(F) THE AUTHORITY SHALL ISSUE, TO THE APPROPRIATE OFFICIAL OF THE CITY
AND EACH COVERED ORGANIZATION, SUCH ORDERS AS IT DEEMS NECESSARY TO
ACCOMPLISH THE PURPOSES OF THIS TITLE, INCLUDING, BUT NOT LIMITED TO,
TIMELY AND SATISFACTORY IMPLEMENTATION OF AN APPROVED FINANCIAL PLAN.
ANY ORDER SO ISSUED SHALL BE BINDING UPON THE OFFICIAL TO WHOM IT WAS
ISSUED AND FAILURE TO COMPLY WITH SUCH ORDER SHALL SUBJECT THE OFFICIAL
TO THE PENALTIES DESCRIBED IN SUBDIVISION FOUR OF THIS SECTION.
(G) THE AUTHORITY IS AUTHORIZED TO AND SHALL WITHHOLD ANY TRANSITIONAL
STATE AID AND NOT PAY SUCH MONEYS TO THE CITY DURING ANY CONTROL PERIOD.
3. (A) DURING A CONTROL PERIOD, UPON A FINDING BY THE AUTHORITY THAT A
WAGE FREEZE IS ESSENTIAL TO THE ADOPTION OR MAINTENANCE OF A CITY BUDGET
OR A FINANCIAL PLAN THAT IS IN COMPLIANCE WITH THIS TITLE, THE AUTHORI-
TY, AFTER ENACTMENT OF A RESOLUTION SO FINDING, MAY DECLARE A FISCAL
CRISIS. UPON MAKING SUCH A DECLARATION, THE AUTHORITY SHALL BE EMPOWERED
TO ORDER THAT ALL INCREASES IN SALARY OR WAGES OF EMPLOYEES OF THE CITY
AND EMPLOYEES OF COVERED ORGANIZATIONS WHICH WILL TAKE EFFECT AFTER THE
DATE OF THE ORDER PURSUANT TO COLLECTIVE BARGAINING AGREEMENTS, OTHER
ANALOGOUS CONTRACTS OR INTEREST ARBITRATION AWARDS, NOW IN EXISTENCE OR
A. 8019 26
HEREAFTER ENTERED INTO, REQUIRING SUCH SALARY INCREASES AS OF ANY DATE
THEREAFTER ARE SUSPENDED. SUCH ORDER MAY ALSO PROVIDE THAT ALL INCREASED
PAYMENTS FOR HOLIDAY AND VACATION DIFFERENTIALS, AND SHIFT DIFFERENTIALS
FOR EMPLOYEES OF THE CITY AND EMPLOYEES OF COVERED ORGANIZATIONS WHICH
WILL TAKE EFFECT AFTER THE DATE OF THE ORDER PURSUANT TO COLLECTIVE
BARGAINING AGREEMENTS, OTHER ANALOGOUS CONTRACTS OR INTEREST ARBITRATION
AWARDS REQUIRING SUCH INCREASED PAYMENTS AS OF ANY DATE THEREAFTER ARE,
IN THE SAME MANNER, SUSPENDED. SUCH ORDER MAY ALSO PROVIDE THAT ALL
INCREASED PAYMENTS FOR SALARY ADJUSTMENTS ACCORDING TO PLAN AND STEP-UPS
OR INCREMENTS BE SUSPENDED; PROVIDED, HOWEVER, WHEN (I) THE MAYOR
PROVIDES A FOUR YEAR FINANCIAL PLAN APPROVED BY THE CITY LEGISLATURE
PURSUANT TO PARAGRAPH (A) OF SUBDIVISION TWO OF SECTION THIRTY-SEVEN
HUNDRED SIXTY-SEVEN OF THIS TITLE AND THE AUTHORITY DETERMINES, PURSUANT
TO PARAGRAPH (B) OF SUCH SUBDIVISION, THAT SUCH FINANCIAL PLAN IS
COMPLETE AND COMPLIES WITH THE STANDARDS SET FORTH IN SUCH SUBDIVISION,
AND (II) THE AUTHORITY MAKES A CERTIFICATION TO THE CITY SETTING FORTH
REVENUE ESTIMATES AGREED TO BY THE AUTHORITY IN ACCORDANCE WITH SUCH
DETERMINATION, THE SALARY ADJUSTMENTS ACCORDING TO PLAN AND STEP-UPS OR
INCREMENTS, NOT INCLUDING COST OF LIVING INCREASES, SHALL NOT BE
SUSPENDED FOR EACH YEAR IN WHICH THE FOUR YEAR FINANCIAL PLAN HAS BEEN
CERTIFIED. THIS INABILITY TO SUSPEND THE SALARY ADJUSTMENTS ACCORDING TO
PLAN AND STEP-UPS OR INCREMENTS SHALL BE APPLICABLE TO CITY EMPLOYEES
AND EMPLOYEES OF COVERED ORGANIZATIONS, WHETHER OR NOT THEY ARE COVERED
BY A COLLECTIVELY NEGOTIATED AGREEMENT, IF AN INDIVIDUAL EMPLOYEE OR
MEMBERS OF AN EMPLOYEE'S BARGAINING UNIT PREVIOUSLY PARTICIPATED IN A
WAGE FREEZE IMPLEMENTED BY THE AUTHORITY UNDER THIS SECTION AND SUCH
WAGE FREEZE WAS SUBSEQUENTLY LIFTED BY THE AUTHORITY BY THE ISSUANCE OF
A RESOLUTION, PURSUANT TO PARAGRAPH (B) OR (C) OF THIS SUBDIVISION,
CERTIFYING THAT THE SUSPENSION OF THEIR WAGE INCREASES OR AN AGREEMENT
BY THE COLLECTIVE BARGAINING REPRESENTATIVE OR BY SUCH UNREPRESENTED
EMPLOYEE WAS AN ACCEPTABLE AND APPROPRIATE CONTRIBUTION TOWARD ALLEVIAT-
ING THE FISCAL CRISIS OF THE CITY. IRRESPECTIVE OF THE DURATION OF ANY
APPROVED OR ACCEPTED FOUR YEAR FINANCIAL PLAN, FOR EMPLOYEES WHO ARE
MEMBERS OF A BARGAINING UNIT, THIS INABILITY TO SUSPEND THE SALARY
ADJUSTMENT ACCORDING TO PLAN AND STEP-UPS OR INCREMENTS SHALL TAKE
EFFECT OCTOBER FIRST, TWO THOUSAND FORTY-ONE AND SHALL BE IN EFFECT FOR
EMPLOYEES FOR THE DURATION OF THE NEXT COLLECTIVE BARGAINING AGREEMENT
SUCCEEDING EITHER (I) THE COLLECTIVE BARGAINING AGREEMENT IN EFFECT ON
NOVEMBER SIXTH, TWO THOUSAND FORTY-THREE OR (II) THE MOST RECENTLY
EXPIRED COLLECTIVE BARGAINING AGREEMENT PRIOR TO NOVEMBER SIXTH, TWO
THOUSAND FORTY-THREE; WHICHEVER IS LATER. IF THE SUCCEEDING COLLECTIVE
BARGAINING AGREEMENT'S DURATION IS MODIFIED, EXTENDED, OR RENEWED, THIS
MODIFICATION, EXTENSION OR RENEWAL DOES NOT MODIFY, EXTEND OR RENEW THE
TERM OF THE INABILITY TO SUSPEND SALARY ADJUSTMENTS ACCORDING TO PLAN
AND STEP-UPS OR INCREMENTS. FOR EMPLOYEES WHO ARE NOT MEMBERS OF A
BARGAINING UNIT, THIS INABILITY TO SUSPEND THE SALARY ADJUSTMENT ACCORD-
ING TO PLAN AND STEP-UPS OR INCREMENTS SHALL BE EFFECTIVE OCTOBER FIRST,
TWO THOUSAND FORTY-ONE THROUGH DECEMBER FIRST, TWO THOUSAND FORTY-SIX.
FOR THE PURPOSES OF COMPUTING THE PENSION BASE OF RETIREMENT ALLOWANCES,
ANY SUSPENDED SALARY OR WAGE INCREASES AND ANY SUSPENDED OTHER PAYMENTS
SHALL NOT BE CONSIDERED AS PART OF COMPENSATION OR FINAL COMPENSATION OR
OF ANNUAL SALARY EARNED OR EARNABLE. THE SUSPENSIONS AUTHORIZED HERE-
UNDER SHALL CONTINUE UNTIL ONE YEAR AFTER THE DATE OF THE ORDER AND, TO
THE EXTENT OF ANY DETERMINATION OF THE AUTHORITY THAT A CONTINUATION OF
SUCH SUSPENSIONS, TO A DATE SPECIFIED BY THE AUTHORITY, IS NECESSARY IN
ORDER TO ACHIEVE THE OBJECTIVES OF THE FINANCIAL PLAN, SUCH SUSPENSIONS
A. 8019 27
SHALL BE CONTINUED TO THE DATE SPECIFIED BY THE AUTHORITY, WHICH DATE
SHALL IN NO EVENT BE LATER THAN THE END OF THE INTERIM FINANCE PERIOD,
PROVIDED THAT SUCH SUSPENSIONS SHALL TERMINATE WITH RESPECT TO EMPLOYEES
WHO HAVE AGREED TO A DEFERRAL OF SALARY OR WAGE INCREASE UPON THE
CERTIFICATION OF THE AGREEMENT BY THE AUTHORITY PURSUANT TO PARAGRAPH
(B) OF THIS SUBDIVISION.
(B) THIS SUBDIVISION SHALL NOT BE APPLICABLE TO EMPLOYEES OF THE CITY
OR EMPLOYEES OF A COVERED ORGANIZATION COVERED BY A COLLECTIVE BARGAIN-
ING AGREEMENT OR AN EMPLOYEE OF THE CITY OR A COVERED ORGANIZATION NOT
COVERED BY A COLLECTIVE BARGAINING AGREEMENT WHERE THE COLLECTIVE
BARGAINING REPRESENTATIVE OR SUCH UNREPRESENTED EMPLOYEE HAS AGREED TO A
DEFERMENT OF SALARY OR WAGE INCREASE, BY AN INSTRUMENT IN WRITING WHICH
HAS BEEN CERTIFIED BY THE AUTHORITY AS BEING AN ACCEPTABLE AND APPROPRI-
ATE CONTRIBUTION TOWARD ALLEVIATING THE FISCAL CRISIS OF THE CITY. ANY
SUCH AGREEMENT TO A DEFERMENT OF SALARY OR WAGE INCREASE MAY PROVIDE
THAT FOR THE PURPOSES OF COMPUTING THE PENSION BASE OF RETIREMENT ALLOW-
ANCES, ANY DEFERRED SALARY OR WAGE INCREASE MAY BE CONSIDERED AS PART OF
COMPENSATION OR FINAL COMPENSATION OR OF ANNUAL SALARY EARNED OR EARNA-
BLE.
(C) THE AUTHORITY MAY, IF IT FINDS THAT THE FISCAL CRISIS HAS BEEN
SUFFICIENTLY ALLEVIATED OR FOR ANY OTHER APPROPRIATE REASON, DIRECT THAT
THE SUSPENSIONS OF SALARY OR WAGE INCREASES OR SUSPENSIONS OF OTHER
INCREASED PAYMENTS OR BENEFITS SHALL, IN WHOLE OR IN PART, BE TERMI-
NATED.
4. (A) IF THE AUTHORITY HAS DECLARED A FISCAL CRISIS PURSUANT TO
SUBDIVISION THREE OF THIS SECTION, THE AUTHORITY SHALL BE EMPOWERED TO
ORDER A HIRING FREEZE AND SUSPEND THE HIRING OF NEW EMPLOYEES IF THE
AUTHORITY DETERMINES THAT SUCH HIRING FREEZE IS ESSENTIAL TO THE
ADOPTION OR MAINTENANCE OF A CITY BUDGET OR A FINANCIAL PLAN THAT IS IN
COMPLIANCE WITH THIS TITLE.
(B) THE AUTHORITY MAY, IF IT FINDS THAT THE FISCAL CRISIS HAS BEEN
SUFFICIENTLY ALLEVIATED OR FOR ANY OTHER APPROPRIATE REASON, DIRECT THAT
THE SUSPENSIONS OF HIRING SHALL, IN WHOLE OR IN PART, BE TERMINATED.
5. (A) DURING ANY CONTROL PERIOD (I) NO OFFICER OR EMPLOYEE OF THE
CITY OR OF ANY OF THE COVERED ORGANIZATIONS SHALL MAKE OR AUTHORIZE AN
OBLIGATION OR OTHER LIABILITY IN EXCESS OF THE AMOUNT AVAILABLE THEREFOR
UNDER THE FINANCIAL PLAN AS THEN IN EFFECT; (II) NO OFFICER OR EMPLOYEE
OF THE CITY OR OF ANY OF THE COVERED ORGANIZATIONS SHALL INVOLVE THE
CITY OR ANY OF THE COVERED ORGANIZATIONS IN ANY CONTRACT OR OTHER OBLI-
GATION OR LIABILITY FOR THE PAYMENT OF MONEY FOR ANY PURPOSE REQUIRED TO
BE APPROVED BY THE AUTHORITY UNLESS SUCH CONTRACT HAS BEEN SO APPROVED
AND UNLESS SUCH CONTRACT OR OBLIGATION OR LIABILITY IS IN COMPLIANCE
WITH THE FINANCIAL PLAN AS THEN IN EFFECT.
(B) NO OFFICER OR EMPLOYEE OF THE CITY OR ANY OF THE COVERED ORGANIZA-
TIONS SHALL TAKE ANY ACTION IN VIOLATION OF ANY VALID ORDER OF THE
AUTHORITY OR SHALL FAIL OR REFUSE TO TAKE ANY ACTION REQUIRED BY ANY
SUCH ORDER OR SHALL PREPARE, PRESENT OR CERTIFY ANY INFORMATION (INCLUD-
ING ANY PROJECTIONS OR ESTIMATES) OR REPORT TO THE AUTHORITY OR ANY OF
ITS AGENTS THAT IS FALSE OR MISLEADING, OR, UPON LEARNING THAT ANY SUCH
INFORMATION IS FALSE OR MISLEADING, SHALL FAIL PROMPTLY TO ADVISE THE
AUTHORITY OR ITS AGENTS THEREOF.
(C) IN ADDITION TO ANY PENALTY OR LIABILITY UNDER ANY OTHER LAW, ANY
OFFICER OR EMPLOYEES OF THE CITY OR ANY OF THE COVERED ORGANIZATIONS WHO
SHALL VIOLATE PARAGRAPH (A) OR (B) OF THIS SUBDIVISION SHALL BE SUBJECT
TO APPROPRIATE ADMINISTRATIVE DISCIPLINE, INCLUDING, WHEN CIRCUMSTANCES
WARRANT, SUSPENSION FROM DUTY WITHOUT PAY OR REMOVAL FROM OFFICE BY
A. 8019 28
ORDER OF EITHER THE GOVERNOR OR THE MAYOR; AND ANY OFFICER OR EMPLOYEES
OF THE CITY OR ANY OF THE COVERED ORGANIZATIONS WHO SHALL KNOWINGLY AND
WILLFULLY VIOLATE PARAGRAPH (A) OR (B) OF THIS SUBDIVISION SHALL, UPON
CONVICTION, BE GUILTY OF A MISDEMEANOR.
(D) IN THE CASE OF A VIOLATION OF PARAGRAPH (A) OR (B) OF THIS SUBDI-
VISION BY AN OFFICER OR EMPLOYEE OF THE CITY OR ANY OF THE COVERED
ORGANIZATIONS, THE MAYOR OR THE CHIEF EXECUTIVE OFFICER OF SUCH COVERED
ORGANIZATION SHALL IMMEDIATELY REPORT TO THE AUTHORITY ALL PERTINENT
FACTS TOGETHER WITH A STATEMENT OF THE ACTION TAKEN THEREON.
§ 3770. MISCELLANEOUS PROVISIONS. 1. NOTWITHSTANDING ANYTHING 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 LONG AS ANY BONDS ISSUED
BY THE AUTHORITY REMAIN OUTSTANDING. FAILURE OF THE AUTHORITY OR THE
STATE COMPTROLLER TO NOTIFY THE CITY OR A COVERED ORGANIZATION WITHIN
THIRTY DAYS, OR SUCH ADDITIONAL TIME, NOT EXCEEDING THIRTY DAYS, AS THE
AUTHORITY OR STATE COMPTROLLER SHALL HAVE NOTIFIED THE CITY OR COVERED
ORGANIZATION THAT IT REQUIRES TO COMPLETE ITS REVIEW, AFTER SUBMISSION
TO IT OF A PETITION SHALL BE DEEMED TO CONSTITUTE AUTHORITY OR STATE
COMPTROLLER APPROVAL THEREOF.
2. NOTHING CONTAINED IN THIS TITLE SHALL LIMIT THE RIGHT OF THE CITY
OR ANY COVERED ORGANIZATION TO COMPLY WITH THE PROVISIONS OF ANY EXIST-
ING CONTRACT WITHIN OR FOR THE BENEFIT OF THE HOLDERS OF ANY BONDS OR
NOTES OF THE CITY OR SUCH COVERED ORGANIZATION.
3. NOTHING CONTAINED IN THIS TITLE SHALL BE CONSTRUED TO LIMIT THE
POWER OF THE CITY OR A COVERED ORGANIZATION DURING ANY INTERIM FINANCE
PERIOD TO DETERMINE, FROM TIME TO TIME, WITHIN AVAILABLE FUNDS FOR THE
CITY OR FOR SUCH COVERED ORGANIZATION, THE PURPOSES FOR WHICH EXPENDI-
TURES ARE TO BE MADE BY THE CITY OR SUCH COVERED ORGANIZATION AND THE
AMOUNTS OF SUCH EXPENDITURES, CONSISTENT WITH THE AGGREGATE EXPENDITURES
THEN PERMITTED UNDER THE FINANCIAL PLAN FOR THE CITY OR SUCH COVERED
ORGANIZATION.
4. THE AUTHORITY'S FISCAL YEAR SHALL BE JANUARY FIRST THROUGH DECEMBER
THIRTY-FIRST.
5. THE AUTHORITY SHALL ADOPT GUIDELINES FOR PROCUREMENT CONTRACTS IN
ACCORDANCE WITH SECTION TWENTY-EIGHT HUNDRED SEVENTY-NINE OF THIS CHAP-
TER.
§ 3771. 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 RESOL-
UTION OF ANY MUNICIPALITY, THE PROVISIONS OF THIS TITLE SHALL BE
CONTROLLING. NOTHING CONTAINED IN THIS SECTION SHALL BE HELD TO SUPPLE-
MENT OR OTHERWISE EXPAND THE POWERS OR DUTIES OF THE AUTHORITY OTHERWISE
SET FORTH IN THIS TITLE.
§ 3772. SEPARABILITY; CONSTRUCTION. IF ANY CLAUSE, SENTENCE, PARA-
GRAPH, SECTION, OR PART OF THIS TITLE SHALL BE ADJUDGED BY ANY COURT OF
COMPETENT JURISDICTION TO BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT,
IMPAIR OR INVALIDATE THE REMAINDER THEREOF, BUT SHALL BE CONFINED IN ITS
OPERATION TO THE CLAUSE, SENTENCE, PARAGRAPH, SECTION, OR PART THEREOF
INVOLVED IN THE CONTROVERSY IN WHICH SUCH JUDGMENT SHALL HAVE BEEN
RENDERED. THE PROVISIONS OF THIS TITLE SHALL BE LIBERALLY CONSTRUED TO
ASSIST THE EFFECTUATION OF THE PUBLIC PURPOSES FURTHERED HEREBY.
§ 2. This act shall take effect immediately.
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