N.Y. TRY Law § 4 — New York Code / Act TRY / Section 4
No title
Status: in_force

§ 4. (a) It is hereby determined that the financing of the deficits\nhereinbefore described in section one of this act is an object or\npurpose of said city of Troy which is a public purpose which the city of\nTroy is hereby authorized to accomplish and for which indebtedness may\nbe incurred, the period of probable usefulness of which is hereby\ndetermined to be twenty-five years, computed from the date of such bonds\nor from the date of the first bond anticipation notes issued in\nanticipation of the sale of such bonds, whichever date is earlier.\n  (b) It is hereby determined that the acquisition of all or a portion\nof real or personal property leased by the city of Troy pursuant to one\nor more lease agreements between the city of Troy and the Troy local\ndevelopment corporation, including the payment of any judgments or\ncompromised or settled claims against the city relating thereto,\ndescribed in subdivision (c) of section one of this act, the closure of\nthe city's landfill and funding of capital projects are objects or\npurposes of said city of Troy which are public purposes which the city\nof Troy is hereby authorized to accomplish and for which indebtedness\nmay be incurred, the period of probable usefulness of which is hereby\ndetermined to be thirty years, computed from the date of such bonds or\nfrom the date of the first bond anticipation notes issued in\nanticipation of the sale of such bonds, whichever is earlier.  Such\nbonds and/or bond anticipation notes shall be general obligations of the\ncity of Troy, to which the faith and credit of the city is pledged, and\nsuch city shall make an annual appropriation sufficient to pay the\nprincipal of and interest on such obligations as the same shall become\ndue.\n  (c) In lieu of issuing its general obligations, the city of Troy may\nenter into one or more agreements for any municipal assistance\ncorporation created on behalf of said city pursuant to article 10 of the\npublic authorities law to pay all or a portion of the cost of\naccomplishing any purpose described in subdivisions (a) and (b) of this\nsection or in section 3057 of the public authorities law. Any such\nagreements shall provide that any payments from the city of Troy to said\nmunicipal assistance corporation not represented by general obligation\nbonds or notes shall be subject to annual appropriation by the city\ncouncil of the city of Troy in an amount corresponding to the scheduled\nprincipal and interest payments on the corporation's bonds or notes\nissued to provide the amount paid by the corporation to the city of Troy\npursuant to such agreement.\n  (d) (i) If an authorization for the issuance of obligations to finance\nthe purpose or purposes accomplished pursuant to an agreement would have\nbeen required by law to be subject to a permissive or mandatory\nreferendum, then the authorization to enter into such agreement shall be\nsubject to a permissive or mandatory referendum, as the case may be, in\nthe same manner as provided for such referendum on the issuance of\nobligations.\n  (ii) If the authorization for the issuance of obligations to finance\nthe purpose or purposes accomplished pursuant to an agreement would have\nbeen required by law to be subject to:\n  (A) a certain supermajority vote of the governing board,\n  (B) a mandatory or permissive referendum, or\n  (C) both,\nthen the authorization to enter into such agreement shall be subject to\nsuch vote, referendum or such referendum and vote, as the case may be,\nin the same manner as provided for such vote and/or referendum on the\nissuance of obligations.\n  (iii) If the authorization for the issuance of obligations would have\nbeen subject to a referendum only if the obligations had a maturity of\nmore than five years or not less than some other minimum period, then\nthe authorization to enter into the agreement shall be subject to\nreferendum only if the term of the contract is equal to or more than\nsuch minimum period of maturity.\n  Provided, however, that the provisions of this subdivision shall not\napply to any agreements for repayment of amounts paid to the city in\naccordance with paragraph (d) of subdivision one of section three\nthousand fifty-seven of the public authorities law.\n  (e) Any resolution of the city council of the city of Troy authorizing\nthe chief fiscal officer (as defined in the local finance law) of the\ncity of Troy to execute and deliver such an agreement may delegate to\nsuch chief fiscal officer the power to prescribe the terms, form and\ncontents of any such agreement and any amendments or replacements\nthereof.\n