NY Pub Auth L § 1964-A (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 11 - Troy Industrial Development Authority 1964-A - Financial Records.

§ 1964-a. Financial records. 1. The authority shall maintain books and   records in such form as may be prescribed by the state comptroller.2. Annually within ninety days following the close of its fiscal year,   the  authority shall prepare and file a financial report for that fiscal   year complying with the requirements of section eight hundred fifty-nine   of the general municipal law.3. If the authority  fails  to  file  or  substantially  complete,  as   determined by the state comptroller, the financial statement required by   section  eight  hundred  fifty-nine  of  the  general municipal law, the   penalties set forth in section eight hundred fifty-nine of  the  general   municipal law shall apply to the authority.4.  The authority shall mail or deliver to the chief executive officer   and the governing body of the city of Troy and make available for public   inspection and comment its proposed budget for  the  forthcoming  fiscal   year,  no later than twenty business days before adoption. At such time,   the authority shall file its proposed budget with the clerk of the  city   of  Troy.  Such  proposed budget shall contain detailed estimates of the   amount of revenues to be received and expenditures to be made during the   forthcoming fiscal year. Following its  consideration  of  the  comments   received, the authority may revise its budget accordingly and shall file   the revised budget with the clerk of the city of Troy.5.  Payments  in lieu of taxes received by the authority shall be paid   over to each affected tax jurisdiction within thirty days of receipt.6. Payments in lieu of taxes which are delinquent under the  agreement   or  which  the  authority fails to remit pursuant to subdivision five of   this section shall be subject to a late payment penalty of five  percent   of  the  amount  due  which shall be paid by the project occupant (where   taxes are delinquent because of  the  occupant's  failure  to  make  the   required  payment)  or  the  agency  (because of the agency's failure to   remit pursuant to subdivision five of this section) to the affected  tax   jurisdiction  at the time the payment in lieu of taxes is paid. For each   month, or part thereof, that the payment in lieu of taxes is  delinquent   beyond  the  first  month,  interest  shall accrue to and be paid by the   project occupant (where taxes are delinquent because of  the  occupant's   failure  to  make  the  required  payment) or the agency (because of the   agency's failure to remit pursuant to subdivision five of this  section)   to  the  affected  tax  jurisdiction on the total amount due plus a late   payment penalty in the amount of one percent per month until the payment   is made.7. An affected tax jurisdiction which has not received  a  payment  in   lieu  of taxes due to it under an agreement may commence legal action in   any court of competent jurisdiction directly against any  person,  firm,   corporation,  organization or agency which is obligated to make payments   in lieu of taxes under an agreement and has failed to do so.  In such an   action, the affected tax jurisdiction shall be entitled to  recover  the   amount  due,  the  late  payment  penalty, interest, expenses, costs and   disbursements together with the reasonable attorneys' fees necessary  to   prosecute such action. Nothing herein shall be construed as providing an   affected  tax  jurisdiction  with  the  right to sue and recover from an   agency which has not received payments in lieu of taxes from  a  project   occupant.8.  Any refinancing of a project shall be subject to the provisions of   section nineteen hundred fifty-three-a of  this  chapter,  except  where   such refinancing was previously approved pursuant to such section.9. Agents of the authority and project operators shall annually file a   statement  with  the state department of taxation and finance, on a form   and in such a manner as is prescribed by the  commissioner  of  taxation   and finance, of the value of all sales and use tax exemptions claimed by    such  agents  or  agents of such agents or project operators, including,   but not limited to, consultants or  subcontractors  of  such  agents  or   project  operators under the authority granted pursuant to this section.   The  penalty  for  failure  to  file  such statement shall be removal of   authority to act as agent of the authority or project operator.