NY Pub Auth L § 3058 (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 4 - Municipal Assistance Corporation for the City of Troy 3058 - Conditions on Extension of Benefits to the City.

§  3058.  Conditions  on  extension  of  benefits  to  the  city.  The   corporation shall, at the time of  any  exchange  of  the  corporation's   bonds  and notes for obligations of the city pursuant to subdivision two   of section three thousand fifty-five of this title  or  any  payment  of   funds of the corporation to the city or of any purchase from the city of   its  obligations  pursuant to section three thousand fifty-seven of this   title, require the city to agree to observe and perform  the  conditions   set  forth  below  in  this  section,  with  such  limitations as to the   implementation of such conditions as the corporation may, subject to any   contract  with  bondholders  or  noteholders,  then  approve;  provided,   however, that no such specific limitations shall be so substantial as to   effectively  constitute  a  waiver  of  any  such  conditions.  Any such   conditions may thereafter, in the discretion of the corporation, subject   to any contract with bondholders or  noteholders,  be  further  limited.   Such  conditions shall cease to apply when all notes and bonds have been   repaid or when the corporation has accumulated in its bond reserve funds   or otherwise an amount equal to the principal of all  outstanding  notes   and bonds and interest accrued thereon. The city shall have the right at   any  time to pay the corporation an amount which, when added to the bond   reserve funds, shall equal the principal of all  outstanding  notes  and   bonds and interest accrued thereon and redemption premium if any. If the   city  makes  such payment at a time when the corporation has outstanding   notes or bonds that are not then callable, the city shall agree  to  pay   the  corporation  on  demand  an  amount equal to the amount, if any, by   which the amount of interest on such notes or  bonds  shall  exceed  the   corporation's  income  from  the investment of its funds. Subject to the   foregoing, the conditions that the corporation shall require the city to   observe and perform shall be as follows:1. The city  shall  deliver  a  certificate,  executed  by  the  chief   executive   officer   in   form   prescribed  by  the  corporation,  (a)   representing  that  the  city  is  in  compliance  with  the  conditions   described  below  in  this  section  as the corporation may specify, (b)   undertaking to comply with any  of  such  specified  conditions  as  the   corporation may then require, and (c) stating that all local legislative   and executive action then required to permit such compliance by the city   has  been  taken.  The  corporation  may  require the delivery with such   certificate of an opinion of the city's  corporation  counsel  that  all   such legislative and executive action has been taken.2.  For the fiscal year ending December thirty-first, nineteen hundred   ninety-six, and for each fiscal  year  thereafter,  the  city's  budgets   shall  be  prepared  in  accordance with the provisions of chapter seven   hundred twenty-one of the  laws  of  nineteen  hundred  ninety-four,  as   amended from time to time.3.  Each  fiscal  year  the  city  shall  take  such  action as may be   necessary to enable an  independent  certified  public  accounting  firm   selected and retained by the city at its cost to perform an annual audit   and  to  furnish  to the corporation an annual report upon the financial   statements of the city. Each such report shall be prepared in accordance   with the generally accepted accounting principles. The city  shall  make   available for inspection and copying all books, records, work papers and   other  data and material as required by the independent certified public   accounting firm conducting such  audit  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 corporation within one hundred   twenty days after the close of the fiscal year.  Such  report  shall  be   made available to the public promptly thereafter. 4.  Beginning  with  the  fiscal  year  ending  December thirty-first,   nineteen hundred ninety-six and for each  fiscal  year  thereafter,  the   city  shall deliver its proposed budgets to the corporation. Delivery to   the corporation shall be made concurrently with the  initial  submission   of  the proposed budgets to the city council, but in any event not later   than fifty days prior to the beginning of such fiscal year or such other   date as the corporation may approve upon the request of the city.    The   proposed  budgets  submitted  to  the  corporation  shall be prepared in   accordance with the accounting methods referred to in subdivision  three   of this section. Such budgets shall be identical to the proposed budgets   submitted  to  the  city  council. The proposed budgets delivered to the   corporation shall be accompanied by (i) a  statement  setting  forth  in   detail  the  assumptions  of income and expense used in preparation, and   (ii) a certificate of the chief  executive  officer  stating  that  such   assumptions  are  reasonable  and  that  operation within the budgets is   feasible. Subject to and in accordance with the  provisions  of  chapter   seven hundred twenty-one of the laws of nineteen hundred ninety-four, as   the  same  may  be  amended  from  time to time, the city shall in every   fiscal year adopt and maintain budgets in which the total of all revenue   items equals or exceeds the total of all expenditure items.5. If after the adoption of the  budgets  for  any  fiscal  year,  any   increase  therein,  or  an  increase  in  total  expenditures  shall  be   proposed, the chief executive officer shall cause such  proposal  to  be   submitted  to  the  corporation  concurrently with its submission to the   city council, together  with  a  statement  of  the  source  of  current   revenues  or  other  identifiable and currently available funds required   for the payment of such additional amounts.6. Commencing at such time as the corporation  may  specify,  but  not   later  than February first, nineteen hundred ninety-six, the city budget   director shall deliver to the corporation, not  less  than  thirty  days   before  each  fiscal  quarter  (except,  within  thirty  days  after the   commencement of the  first  fiscal  quarter),  an  expenditure  plan  to   implement  the  city  budgets for such fiscal quarter and within amounts   based on current income or other identifiable  and  currently  available   funds.  The city budget director shall deliver to the corporation within   thirty days after the end of each such  fiscal  quarter  covered  by  an   expenditure  plan,  an  operations  report  reflecting  results  of city   operations for such fiscal quarter and whether  the  city  has  operated   within   the   related  expenditure  plan.  Each  expenditure  plan  and   operations report shall be in such form as the corporation  may  specify   and  shall be certified by the city budget director and shall detail and   report upon action taken by the city to maintain balanced budgets.7. The city shall comply in all material respects with the expenditure   limitations in its budgets as adopted or  modified  in  accordance  with   subdivisions  four  and  five  of  this  section, and with chapter seven   hundred twenty-one of the laws of nineteen hundred ninety-four,  as  the   same may from time to time be amended.