NY Pub Auth L § 3851 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 2 - Buffalo Fiscal Stability Authority 3851 - Definitions.

§  3851.  Definitions.  For  the  purposes  of  this title, unless the context otherwise requires: 1. "Advisory period" means  that  period  no earlier than July first, two thousand six, after which the authority has determined  that  (a)  for  each of the three immediately preceding city fiscal years, the city has adopted and adhered to budgets  covering  all expenditures,  other  than  capital  items, the results of which did not show a deficit, without the use of any authority assistance, as provided for under section thirty-eight hundred fifty-seven of this  title,  when reported in accordance with generally accepted accounting principles and (b)  the  comptroller  and  the  state  comptroller jointly certify that securities were sold by the city during the immediately  preceding  city fiscal year in the general public market and that there is a substantial likelihood  that  such securities can be sold by the city in the general public market from such date through the end of the next succeeding city fiscal year in amounts  that  will  satisfy  substantially  all  of  the capital  and  cash  flow  requirements of the city during that period in accordance  with  the  financial  plan  then  in  existence.  The  joint certification made by the comptroller and the state comptroller shall be based  on  their  separate  written  determinations  which may take into account a report and opinion of an independent expert in  the  marketing of  securities  selected  by  the authority as well as other information available to the comptrollers. Once  begun,  an  advisory  period  shall continue  through  June  thirtieth,  two  thousand thirty-seven unless a control period is imposed.   2. "Authority" or "Buffalo fiscal stability authority" or "BFSA" means the public benefit corporation created by this title.   3. "BFSA assistance" means: (a) the amount of debt service savings  in a  given city fiscal year generated from the proceeds of bonds, notes or other obligations made available to or for the benefit of  the  city  or any  covered  organization  as  determined  by the authority; or (b) the proceeds of any deficit financing authorized by the authority,  or  some combination  thereof  pursuant to the provisions of section thirty-eight hundred fifty-seven  of  this  title.  Such  assistance  shall  be  made available  only  upon  a  declaration  of  need  by the city pursuant to section thirty-eight hundred sixty-one of this title and the approval of the BFSA board.   4. "Bonds, notes or other obligations" means bonds,  notes  and  other evidences of indebtedness, issued or incurred by the authority.   5. "Chief  fiscal  officer" means the chief fiscal officer of the city as defined in section 2.00 of the local finance law.   6. "City" means the city of Buffalo.   7. "City charter" means  the  city  government  law  of  the  city  of Buffalo, as amended.   8.  "City  tax  revenues"  means  the  portion  of  the  county's "net collections", as defined in section twelve hundred sixty-two of the  tax law,  payable to the city under the agreement among the county, the city and the cities of Lackawanna and Tonawanda entered into pursuant to  the authority  of subdivision (c) of section twelve hundred sixty-two of the tax law. In the event that the city imposes sales and  compensating  use taxes pursuant to the authority of section twelve hundred ten of the tax law,  "city  tax  revenues" shall also include net collections from such city taxes.   9. "Comptroller" means the comptroller of the city.   10. "Control period" means that period of time from the effective date of this title, continuing until the authority determines that conditions have been met as provided in subdivision one of  this  section  and  the city qualifies for the onset of an advisory period. A control period may  be  reimposed  as determined by the authority in accordance with section thirty-eight hundred fifty-eight of this title.   11. "Council" means the city council of the city of Buffalo.   12. "County" means the county of Erie.   13. "Covered  organization"  means the city school district, the joint schools construction board of the city,  as  described  in  chapter  six hundred  five  of  the laws of two thousand, as amended, and the Buffalo municipal  housing  authority  and  any  governmental   agency,   public authority  or  public  benefit corporation which receives or may receive moneys directly, indirectly or contingently from the city, 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 city 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, 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.   14.  "Director  of the budget" means the director of the budget of the state.   15. "Financeable costs" or "costs" means costs to finance (a)  amounts necessary  to  accomplish  a  refunding, repayment or restructuring of a portion of the city's outstanding indebtedness or that  of  any  covered organization,   (b)   cash  flow  needs  of  the  city  or  any  covered organization, (c) any object or purpose  of  the  city  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,  (d) amounts  necessary  to  finance  a portion of the operating costs of the city or any covered organization as  provided  in  section  thirty-eight hundred  fifty-seven  of  this  title,  to  the  extent  approved by the authority, 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-eight   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-eight  hundred  sixty-nine of this title.   16. "Financial plan" means the financial plan  of  the  city  and  the covered  organizations  to be developed pursuant to section thirty-eight hundred fifty-seven of this title, as from time to time amended.   17. "Major operating funds" means the city general fund, the board  of education  general  fund,  the  city  enterprise  funds,  the  board  of education special project funds, together with any other  funds  of  the city  or  a  covered  organization  from  time to time designated by the authority.   18. "Mayor" means the mayor of the city.   19. "Presiding officer" means the presiding  officer  of  the  council elected pursuant to the rules of the council.   20.  "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 city 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 BFSA assistance expected to be available for such fiscal year.   21. "Revenues"  means revenues of the authority consisting of city tax revenues, school district tax revenues,  state  aid  revenues,  and  all other  aid,  rents,  fees, charges, gifts, 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.   22. "State" means the state of New York.   23.  "State  aid"  means:  all  general  purpose local government aid; emergency financial assistance to certain  cities;  emergency  financial assistance  to  eligible municipalities; supplemental municipal aid; and any successor type of aid and any new aid appropriated by the  state  as local government assistance for the benefit of the city.   24. "State aid revenues" means state aid paid by the state comptroller to the authority pursuant to this title.   25. "State comptroller" means the comptroller of the state.   26.  "School  district tax revenues" means the portion of the county's "net collections," as defined in section twelve hundred sixty-two of the tax law, payable to the city's dependent school district by  the  county pursuant  to  the authority of subdivision (a) of section twelve hundred sixty-two of the tax law.   27. "Cash flow borrowings" means:  (a) notes issued by the authority on behalf of the  city,  the  city's dependent  school  district  or  any  other  covered  organization,  the proceeds of which are used to address temporary cash flow needs  of  the city,  the  city's  dependent  school district or the applicable covered organization; and  (b) bonds, notes and other obligations  issued  by  the  authority  to refund  notes  of  the  authority  described  in  paragraph  (a) of this subdivision.   28. "Obligations of the city" means bonds, notes and  other  evidences of indebtedness issued or incurred by the city.