NY Pub Auth L § 3057 (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 3057 - Payments to or Purchases of Obligations of the City.

§ 3057. Payments to or purchases of obligations of the city. 1. In the   event  that  the  chief executive officer from time to time certifies to   the corporation an amount required by the city to enable it (a)  to  pay   for  any  item  which  is  permitted by law to be included in the city's   capital budget for the fiscal year for which such certification is made,   including payments to reimburse the general fund for moneys advanced and   expended for any such item, or (b) to pay operating expenses of the city   other than those included in this paragraph, or (c) to liquidate all  or   a  portion  of  the  city's  cumulative  deficits for the years nineteen   hundred  ninety-three  through  nineteen   hundred   ninety-five,   both   inclusive,  or  to  pay,  at  maturity,  or  on the redemption date, the   principal of and interest on obligations of the  city  issued  for  such   purposes,  or  (d) to acquire, or cause to be acquired, all or a portion   of the real or personal property leased by the city pursuant to  one  or   more  lease  agreements  between the city and the Troy local development   corporation including the financing of the payment of any  judgments  or   compromised  or settled claims against the city relating thereto, or (e)   to pay at maturity, or on the redemption  date,  the  principal  of  and   interest  on  obligations  of  the city previously issued to finance any   item in the current or any prior fiscal year, or  (f)  to  pay  for  the   costs  of closure of the city's landfill, the corporation may (i) pay to   the city, or (ii) purchase from the city obligations hereafter issued by   the city in an amount equivalent to,  part  or  all  of  such  certified   amount.2.  Moneys  paid  to  the city pursuant to subparagraph (i) or (ii) of   paragraph (e) of subdivision one of this section shall be held in  trust   for the payment of city obligations or shall be used to make the payment   for  which such moneys have been so certified. The corporation shall not   make any payment to the city, or purchase any obligations from the city,   pursuant to this section unless the city shall have  agreed  to  observe   the  conditions  set forth in section three thousand fifty-eight of this   title, subject to such modifications as are permitted thereunder.3. In consideration of the payments made to the city for the  purposes   described in paragraph (a), (b), (c), (d), (e) or (f) of subdivision one   of   this   section,  the  corporation  shall  purchase  from  the  city   obligations issued by the city in accordance with applicable  provisions   of  the  state  constitution and local finance law then in effect at the   time such obligations  are  issued  in  an  amount  equivalent  to  such   payment.  Nothing  herein  shall  require  the  corporation  to  receive   obligations issued by  the  city  under  the  local  finance  law  as  a   condition  to  making a total of seventy-one million dollars of payments   in the aggregate to the city pursuant to paragraph (a), (c),  (d),  (e),   or (f) of subdivision one of this section.4. Nothing contained in this title shall be deemed to create an object   or  purpose or to establish or extend a period for which a city bond may   be issued pursuant to the local finance law, or to create authority  for   the  city  to  issue  a  bond  payable  from a tax on real estate levied   outside the limit imposed by the state constitution on the amount to  be   raised by tax on real estate for local purposes other then debt service,   or to modify, amend, repeal, or rescind any other provision of the local   finance  law  governing  the  issuance  by  the city of its bonds or the   payment of principal and interest thereon.5. At all times after receipt of  obligations  of  the  city  acquired   pursuant to this section, the corporation shall have the same rights and   powers  with  respect  to such obligations as the corporation shall have   with respect to obligations of the city received pursuant to subdivision   one of section three thousand fifty-five of this  title;  provided  that   the  corporation  shall  not deliver any obligation received pursuant to    this section for cancellation unless the city pays the principal  amount   and accrued interest thereon or pays accrued interest and exchanges such   bond  for  another  bond  of  the  city  in  equal  principal amounts in   refunding   thereof  unless  the  chief  executive  officer  shall  have   requested  in  writing  that   such   obligations   be   delivered   for   cancellation,  and provided further that the corporation may not sell or   transfer to any person other than the city any obligation  of  the  city   acquired  by  it  pursuant  to  this  section unless the chief executive   officer has requested in writing that the corporation sell  or  transfer   such  obligation  and,  if  such  obligation  be  sold or transferred at   private sale, unless the terms of such sale have been  approved  by  the   city comptroller.