Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Reports of the city
NYS Financial Emergency Act for the city of NY 868/75 (FEA) CHAPTER 0
* § 7-a. Reports of the city. 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

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