NY Pub Auth L § 3951 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 3 - Erie County Fiscal Stability Authority 3951 - Definitions.

§  3951.  Definitions.  For  the  purposes  of  this title, unless the   context otherwise requires: 1. "Advisory period" means a period of  time   from  the  effective  date  of  this  title  until the date when (a) the   authority shall  determine  that  for  each  fiscal  year,  through  and   including  fiscal  year two thousand twelve, that the county has adopted   and adhered to budgets covering all expenditures the results of which do   not show a major operating funds deficit  when  reported  in  accordance   with generally accepted accounting principles, subject to the provisions   of  this  title,  and  shall  further determine that in the then current   fiscal year there is a substantial likelihood that the  results  of  the   county's operations will not show a deficit in the major operating funds   when  so  reported and (b) the comptroller shall certify that securities   were sold by or for the benefit of the county  during  the  fiscal  year   immediately  preceding such date and the then current fiscal year in the   general public market satisfied the financing requirements of the county   during such period and that there is a substantial likelihood that  such   securities  can  be  sold  in  the  general public market from such date   through the end of the next succeeding fiscal year in amounts which will   satisfy substantially all of the capital and cash flow  requirements  of   the county during such period in accordance with the financial plan then   in effect.2.  "Authority" or "Erie county fiscal stability authority" or "ECFSA"   means the public benefit corporation created by this title.3. "Bonds, notes or other obligations" means bonds,  notes  and  other   evidences of indebtedness, issued or incurred by the authority.4. "Comptroller" means the comptroller of the county.5.  "Control  period"  means  a  period determined by the authority in   accordance with section thirty-nine hundred fifty-nine of this title.6. "County" means Erie county.7. "County charter" means the county government law of Erie county, as   amended.8. "County executive" means the county executive of the county.9. "County tax revenues" means net collections set  aside  for  county   purposes pursuant to subdivision (a) of section twelve hundred sixty-two   of  the  tax  law,  from  the  county's sales and compensating use taxes   imposed pursuant to the authority of subpart B of part  one  of  article   twenty-nine of the tax law.10.  "Covered  organization"  means  any  governmental  agency, public   authority or public benefit corporation which receives  or  may  receive   moneys  directly,  indirectly  or  contingently  from  the  county,  but   excluding the authority and (a) any other  governmental  agency,  public   authority  or  public benefit corporation specifically exempted from the   provisions of this title by order of the authority upon  application  of   such agency, public authority, or corporation to the authority or on the   authority's  own  motion  upon  a  finding  by  the  authority that such   exemption does not materially affect the ability of the county to  adopt   and  maintain  a budget pursuant to the provisions of this title, or (b)   any state public authority defined in section two  hundred  one  of  the   civil  service  law, unless specifically named above; provided, however,   no municipality or  school  district  shall  be  treated  as  a  covered   organization  solely  because  it  shares sales and compensating use tax   revenue with the  county,  provided  further,  that  the  authority  may   terminate  any  exemption  granted by order of the authority pursuant to   this subdivision upon a determination that the circumstances upon  which   such exemption was granted are no longer applicable.11.  "Director  of the budget" means the director of the budget of the   state. 12.  "ECFSA  assistance"  means:  (a)  the  proceeds  of  any  deficit   financing authorized by the authority; or (b) the amount of debt service   savings  in  a  given  county fiscal year generated from the proceeds of   bonds, notes or other obligations of the authority made available to  or   for  the benefit of the county or any covered organization as determined   by the authority, or some combination thereof pursuant to the provisions   of  sections  thirty-nine  hundred  fifty-six  and  thirty-nine  hundred   fifty-seven  of this title. Such assistance shall be made available only   upon a declaration of need by the county pursuant to section thirty-nine   hundred sixty-one of this title and the approval of the authority.13. "Financeable costs" or "costs" means costs to finance (a)  amounts   necessary  to  finance a portion of the operating costs of the county or   any covered organization as provided  in  sections  thirty-nine  hundred   fifty-six  and section thirty-nine hundred fifty-seven of this title, to   the  extent  approved  by  the  authority,  (b)  amounts  necessary   to   accomplish  a  refunding, repayment or restructuring of all or a portion   of  the  county's  outstanding  indebtedness  or  that  of  any  covered   organization,  (c)  cash  flow  needs  of  the  county  or  any  covered   organization, (d) any object or purpose of the  county  or  any  covered   organization, for which a period of probable usefulness is prescribed in   section  11.00  of  the  local  finance  law, including the costs of any   preliminary studies, surveys, maps, plans, estimates  and  hearings,  or   (e)  incidental  costs,  including,  but  not  limited  to,  legal fees,   printing  or  engraving,  publication  of  notices,  taking  of   title,   apportionment  of  costs,  and capitalized interest, insurance premiums,   costs related to items authorized in subdivisions seven through nine  of   section thirty-nine hundred fifty-four of this title or any underwriting   or  other  costs  incurred  in  connection  with  the financing thereof;   provided  however  that,  to  the  maximum   extent   practicable,   all   financeable  costs  shall  not  adversely  affect  the  requirements  of   subdivision two of  section  thirty-nine  hundred  fifty-eight  of  this   title.14.  "Financial  plan"  means the financial plan of the county and the   covered organizations to be developed pursuant  to  section  thirty-nine   hundred fifty-seven of this title, as from time to time amended.15. "Legislature" means the legislature of the county.16.  "Major operating funds" means the county general fund, the social   services fund, the county road fund, the capital fund, the debt  service   fund,  the  sewer fund, together with any other funds of the county or a   covered organization from time to time designated by the authority.17. "Presiding officer" means the presiding officer of the legislature   elected pursuant to the rules of the legislature.18. "Projected gap" means the excess,  if  any,  of  annual  aggregate   projected  expenditures over annual aggregate projected revenues for the   major operating funds in each year of a financial plan as determined  by   the  county  and certified by the authority. For purposes of determining   the projected gap  in  each  fiscal  year,  annual  aggregate  projected   revenues shall not include the amount of ECFSA assistance expected to be   available for such fiscal year.19.  "Revenues"  means  revenues of the authority consisting of county   tax revenues, state aid  revenues,  and  all  other  aid,  rents,  fees,   charges,  payments  and other income and receipts paid or payable to the   authority or a trustee for the account of the authority  to  the  extent   such amounts are pledged to bondholders.20. "State" means the state of New York.21.  "State  aid"  means  aid  and  incentives for municipalities, any   successor type of aid and any new aid appropriated by the state as local   government assistance for the benefit of the county. 22. "State aid revenues" means state aid paid by the state comptroller   to the authority pursuant to this title.23. "State comptroller" means the comptroller of the state.