2023 New York Laws › PBA - Public Authorities › Article 10-D - Miscellaneous Authorities › Title 3 - Erie County Fiscal Stability Authority › 3951 - Definitions.

§  3951.  Definitions.  For  the  purposes  of  this title, unless the
  context otherwise requires: 1. "Advisory period" means a period of  time
  from  the  effective  date  of  this  title  until the date when (a) the
  authority shall  determine  that  for  each  fiscal  year,  through  and
  including  fiscal  year two thousand twelve, that the county has adopted
  and adhered to budgets covering all expenditures the results of which do
  not show a major operating funds deficit  when  reported  in  accordance
  with generally accepted accounting principles, subject to the provisions
  of  this  title,  and  shall  further determine that in the then current
  fiscal year there is a substantial likelihood that the  results  of  the
  county's operations will not show a deficit in the major operating funds
  when  so  reported and (b) the comptroller shall certify that securities
  were sold by or for the benefit of the county  during  the  fiscal  year
  immediately  preceding such date and the then current fiscal year in the
  general public market satisfied the financing requirements of the county
  during such period and that there is a substantial likelihood that  such
  securities  can  be  sold  in  the  general public market from such date
  through the end of the next succeeding fiscal year in amounts which will
  satisfy substantially all of the capital and cash flow  requirements  of
  the county during such period in accordance with the financial plan then
  in effect.
2.  "Authority" or "Erie county fiscal stability authority" or "ECFSA"
  means the public benefit corporation created by this title.
3. "Bonds, notes or other obligations" means bonds,  notes  and  other
  evidences of indebtedness, issued or incurred by the authority.
4. "Comptroller" means the comptroller of the county.
5.  "Control  period"  means  a  period determined by the authority in
  accordance with section thirty-nine hundred fifty-nine of this title.
6. "County" means Erie county.
7. "County charter" means the county government law of Erie county, as
  amended.
8. "County executive" means the county executive of the county.
9. "County tax revenues" means net collections set  aside  for  county
  purposes pursuant to subdivision (a) of section twelve hundred sixty-two
  of  the  tax  law,  from  the  county's sales and compensating use taxes
  imposed pursuant to the authority of subpart B of part  one  of  article
  twenty-nine of the tax law.
10.  "Covered  organization"  means  any  governmental  agency, public
  authority or public benefit corporation which receives  or  may  receive
  moneys  directly,  indirectly  or  contingently  from  the  county,  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 county 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,
  no municipality or  school  district  shall  be  treated  as  a  covered
  organization  solely  because  it  shares sales and compensating use tax
  revenue with the  county,  provided  further,  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.
11.  "Director  of the budget" means the director of the budget of the
  state.
12.  "ECFSA  assistance"  means:  (a)  the  proceeds  of  any  deficit
  financing authorized by the authority; or (b) the amount of debt service
  savings  in  a  given  county fiscal year generated from the proceeds of
  bonds, notes or other obligations of the authority made available to  or
  for  the benefit of the county or any covered organization as determined
  by the authority, or some combination thereof pursuant to the provisions
  of  sections  thirty-nine  hundred  fifty-six  and  thirty-nine  hundred
  fifty-seven  of this title. Such assistance shall be made available only
  upon a declaration of need by the county pursuant to section thirty-nine
  hundred sixty-one of this title and the approval of the authority.
13. "Financeable costs" or "costs" means costs to finance (a)  amounts
  necessary  to  finance a portion of the operating costs of the county or
  any covered organization as provided  in  sections  thirty-nine  hundred
  fifty-six  and section thirty-nine hundred fifty-seven of this title, to
  the  extent  approved  by  the  authority,  (b)  amounts  necessary   to
  accomplish  a  refunding, repayment or restructuring of all or a portion
  of  the  county's  outstanding  indebtedness  or  that  of  any  covered
  organization,  (c)  cash  flow  needs  of  the  county  or  any  covered
  organization, (d) any object or purpose of the  county  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,  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-nine 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-nine  hundred  fifty-eight  of  this
  title.
14.  "Financial  plan"  means the financial plan of the county and the
  covered organizations to be developed pursuant  to  section  thirty-nine
  hundred fifty-seven of this title, as from time to time amended.
15. "Legislature" means the legislature of the county.
16.  "Major operating funds" means the county general fund, the social
  services fund, the county road fund, the capital fund, the debt  service
  fund,  the  sewer fund, together with any other funds of the county or a
  covered organization from time to time designated by the authority.
17. "Presiding officer" means the presiding officer of the legislature
  elected pursuant to the rules of the legislature.
18. "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  county  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 ECFSA assistance expected to be
  available for such fiscal year.
19.  "Revenues"  means  revenues of the authority consisting of county
  tax revenues, state aid  revenues,  and  all  other  aid,  rents,  fees,
  charges,  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.
20. "State" means the state of New York.
21.  "State  aid"  means  aid  and  incentives for municipalities, any
  successor type of aid and any new aid appropriated by the state as local
  government assistance for the benefit of the county.
22. "State aid revenues" means state aid paid by the state comptroller
  to the authority pursuant to this title.
23. "State comptroller" means the comptroller of the state.