1. The Laws of New York
  2. Unconsolidated Laws
  3. NYS Financial Emergency Act for the city of NY 868/75


Section 7-A Reports of the city

NYS Financial Emergency Act for the city of NY 868/75 (FEA)

1. The city shall take such action as may be necessary to enable a nationally recognized independent certified public accounting firm or consortium of firms, one of which at least is a nationally recognized independent certified public accounting firm, to perform an annual audit in accordance with generally accepted auditing standards and to furnish to the board the report on such audit prepared by such firm or consortium of firms, which report shall include an opinion as to whether the city's financial statements have been prepared in accordance with generally accepted accounting principles subject to the provisions of subdivision two-a of section eight of this act and shall state whether the audit of such financial statements was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as were considered necessary under the circumstances. Such report shall note the nature and extent of variations, if any, from generally accepted accounting principles reflected in the city's financial statements. The city shall make available for inspection and copying all books, records, work papers and other data and material as required by such auditors, and the city shall make its officers and employees available to, and shall cooperate with such auditors so as to permit such annual audit to be completed and the report issued to the city and to the board within four months after the close of the city's fiscal year.

  2. Not later than January fifteenth, nineteen hundred eighty-one, the city shall issue a report to the board on its program designed to enable the city (i) during its fiscal years ending June thirtieth, nineteen hundred eighty-three and June thirtieth, nineteen hundred eighty-four, to minimize its dependence upon the state financing agency to the extent that it shall be prudent to satisfy the city's financing needs by the sale of obligations of the city or its agencies in the public markets, and (ii) thereafter to satisfy its financing needs entirely by the sale of such obligations. The report shall describe such actions that the city proposes to take, in addition to those actions required by law, to implement the program and shall contain such further information as the board may reasonably specify. After the issuance of such initial report, the city shall report to the board at least semi-annually through June thirtieth, nineteen hundred eighty-two and thereafter at least quarterly on the actions it has taken to implement the program and on the results thereof. The city may revise the program from time to time but shall promptly describe any revisions and the reasons therefor to the board. The city may comply with the requirements of this subdivision by submitting the necessary information as supplementary material to a financial plan or financial plan modification in accordance with the standards and procedures of section eight of this act. The provisions of this subdivision shall terminate on June thirtieth, nineteen hundred eighty-five.

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