NY Pub Auth L § 3961 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3961 - Declaration of Need for Financial Assistance to the County.

§ 3961. Declaration of need for financing assistance to the county. 1.   The county shall determine and declare whether it requests the authority   to  undertake  a  financing  of  costs  for  the  county  or any covered   organization. Any such request shall be made by and through  the  county   executive after approval by the legislature. Any such financing shall be   consistent  with  the  adopted  budget  and financial plan of the county   required under sections thirty-nine hundred  fifty-six  and  thirty-nine   hundred fifty-seven of this title, as applicable.2.  Upon  declaration by the county of such need, the county executive   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 county, for itself or on   behalf of any covered  organization,  as  applicable,  and  the  county,   acting  by  the  county  executive, and 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 revenues to secure the authority's  bonds,  notes  or   other  obligations, and further assurances in respect of the authority's   receipt of such revenues and the fiscal affairs of the county, including   but not limited to the manner  of  preparation  of  budget  reports  and   financial   plans  as  provided  for  in  sections  thirty-nine  hundred   fifty-six  and  thirty-nine  hundred  fifty-seven  of  this  title,   as   applicable.  The  authority's  revenues shall not be deemed funds of the   county. Any such agreements with  the  county  may  be  pledged  by  the   authority to secure its bonds, notes or other obligations and may not be   modified  thereafter  except  as  provided by the terms of the pledge or   subsequent agreements with the holders of such obligations.4. Such agreements with the county 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  county,  for   itself  or  on  behalf  of  any covered organization, as applicable; (d)   where appropriate, provide for the payment of such costs by  the  county   under such contracts as shall be awarded by the county or for the county   to  make  a  capital  contribution  of  such proceeds as county funds to   another entity for the payment or reimbursement of such costs;  and  (e)   require  every  contract  entered  into by the county, or another entity   receiving funds from the county, for costs to be financed in whole or in   part by the authority to be subject to  the  provisions  of  the  county   charter  and  other applicable laws governing contracts of the county or   such entity, as the case may be.5. At least annually, commencing no more than one year after the  date   on  which  authority bonds, notes or other obligations are first issued,   the county executive shall report to the authority, the comptroller, the   legislature, the state comptroller,  the  chairs  of  the  state  senate   finance  committee  and the state 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 county's  budget  or   financial plan, its compliance therewith.