2023 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.