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This entry was published on 2014-09-22
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General rights and prohibitions
NYS Financial Emergency Act for the city of NY 868/75 (FEA) CHAPTER 0
* § 3. General rights and prohibitions. 1. Neither the city nor any
covered organization shall borrow or expend any monies, or in any way,
directly or indirectly, expressly or implicitly, engage its credit
during any control period except in compliance with the provisions of
this act.

2. Nothing contained in this act shall limit the right of the city or
any covered organization to comply with the provisions of any existing
contract with or for the benefit of the holders of any bonds or notes of
the city or such covered organization or any public authority or public
benefit corporation.

3. Nothing contained in this act shall be construed to impair the
right of employees to organize or to bargain collectively.

* Terminates July 1, 2008 or ... see § 13