NY Pub Auth L § 3040 (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 3 - Municipal Assistance Corporation for the City of New York 3040 - Remedies of the Corporation.

* §  3040. Remedies of the corporation. 1. The corporation shall cause   each proposed  expense  budget,  including  related  revenue  estimates,   submitted  to  it pursuant to subdivision four of section thirty hundred   thirty-eight of this chapter,  each  report  on  expense  items  in  the   capital  budget  submitted  to  it  pursuant to subdivision five of such   section,  each  proposed  modification  furnished  to  it  pursuant   to   subdivision six of such section and each expenditure plan and operations   report submitted to it pursuant to subdivision seven of such section, to   be reviewed promptly by the corporation's staff or designee.2. If, within forty-five days after such receipt of a proposed expense   budget,  report on expense items, expenditure plan or operations report,   or, if within thirty days after such receipt of a proposed modification,   the board of directors shall, in its judgment, determine that  any  such   expense budget will not be balanced in accordance with the provisions of   subdivision  four  of section three thousand thirty-eight, either by its   terms  or  because  income  is   overestimated   or   expenditures   are   underestimated  therein,  or  that  a  report  of  proposed modification   pursuant to subdivision six of section three  thousand  thirty-eight  of   this  chapter  reflects  that the expense budget would thereafter not be   balanced in accordance  with  the  provisions  of  subdivision  four  of   section  three  thousand  thirty-eight,  or  that  a  condition  imposed   pursuant to such section has not been met  or  will  not  be  met,  with   respect  to such fiscal year, then the corporation shall promptly notify   the mayor of such determination and shall review with him the manner  in   which  corrective  action  may  be  taken  in  order to comply with such   conditions.3. In the event that the  board  of  directors  determines,  following   review  with  the mayor pursuant to subdivision two of this section that   the corrective action necessary to cause compliance with the  conditions   of  section  thirty  hundred  thirty-eight  of  this chapter will not be   taken, or determines as a result of a review made  pursuant  to  section   thirty hundred thirty-nine of this chapter or otherwise that the city is   not in compliance with any of the conditions imposed pursuant to section   thirty  hundred  thirty-eight of this chapter or that any representation   or undertaking contained in any certificate delivered pursuant  to  such   section  is  materially  incorrect  or has not been complied with in all   material respects, the corporation shall promptly certify a copy of such   determination of noncompliance to the  governor,  the  legislature,  the   state  comptroller,  the  mayor, the board of estimate, the city council   and the city comptroller and shall disclose such  determination  to  the   public.4. The remedies described above in this section are not exclusive and,   in  addition  thereto,  the  corporation shall have and may exercise all   other rights and remedies provided by law.* NB The corporation shall continue for a term  ending  the  later  of   July  1, 2008 or one year after its liabilities have been fully paid and   discharged per § 3033 sub 1.