2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 33 - New York City Transitional Finance Authority › 2799-FF - Declaration of Need.

§  2799-ff.  Declaration  of  need. 1.   The mayor shall determine and
declare at least annually whether a capital financing need exists.  When
the mayor determines that a capital financing  need  exists,  the  mayor
shall  so  certify  and  submit  to the authority a transitional capital
plan.    Such  plan  shall  include  only  projects  whose   costs   are
appropriated  in  the  capital  budget of the city and shall describe by
reference to the capital budget of the city the particular projects  and
costs requested to be financed in whole or in part by the authority.
2.      Concurrent  with  the  submission  to  the  authority  of  the
certification, request and plan, the mayor shall submit copies  of  such
certification,  request  and plan to the comptroller, the speaker of the
council, the governor and the state comptroller, and to  the  chair  and
ranking  minority  member  of the senate finance committee and the chair
and ranking minority member of the assembly ways  and  means  committee,
and to the state financial control board for the city.
3.  At  the  time of submission, (a) the mayor shall publish notice of
such plan and the availability  of  digests  thereof  in  at  least  one
newspaper  of  general  circulation  within the city, which notice shall
also state that a public hearing will be held to consider the plan at  a
specified  time and place on a date not less than thirty days after such
publication; (b) the mayor or his designee shall conduct public hearings
pursuant to such notice; (c) any person shall have  the  opportunity  to
present  written  comments on the plan within thirty days after the date
of the public hearing; and (d) after due consideration of such testimony
and comments, if any, the mayor shall affirm,  modify  or  withdraw  the
plan.
4. Upon declaration by the mayor of such need, the mayor shall request
that  the  authority provide financing in accordance with the provisions
of this title.
5. Upon approval by the authority that such a capital  financing  need
exists pursuant to such submissions, the authority may:
(a)  authorize  agreements  between  the  city  and  the  authority in
accordance with the provisions of this title.  Such agreements shall not
constitute indebtedness of the city for purposes of section 20.00 of the
local finance law or any constitutional or statutory limitation.
(b) enter into agreements with the city and the city,  acting  by  the
mayor  alone, may enter into agreements with the authority in accordance
with the provisions of this title as to the financing of  costs  by  the
authority,  the  application  of tax revenues to the authority to secure
its bonds, and further assurances in respect of the authority's  receipt
of  such revenues. The authority's revenues shall not be deemed funds of
the city. Any such agreements may be pledged by the authority to  secure
its  bonds  and may not be modified thereafter except as provided by the
terms of the pledge.
6.  Such agreements (i) shall describe by  reference  to  the  capital
budget  of  the city the particular projects and costs to be financed in
whole or in part by the authority, (ii) shall describe the plan for  the
financing  of the costs or projects, (iii) shall set forth the method by
which and by whom and the terms and conditions upon which money provided
by the authority shall be disbursed to  the  city,  which  disbursements
shall  occur,  subject to receipt by the authority of such documentation
as to the costs being  reimbursed  as  the  authority  shall  reasonably
require,  at  least  monthly, (iv) shall provide for the payment of such
costs by the city under such contracts as shall be awarded by  the  city
or  for the city to make a capital contribution of such proceeds as city
funds to another entity for the payment or reimbursement of such  costs,
and  (v)  shall  require  every  contract  entered  into by the city, or
another entity receiving funds from the city, for projects or  costs  to

be  financed  in  whole or in part by the authority to be subject to the
provisions of the New  York  city  charter  and  other  applicable  laws
governing contracts of the city or such entity, as the case may be.
7.  At least annually, commencing no more than one year after the date
on which authority bonds are first issued, the mayor shall report to the
comptroller, the  speaker  of  the  council,  the  governor,  the  state
comptroller, the chair and ranking minority member of the senate finance
committee and the chair and ranking minority member of the assembly ways
and  means  committee  on the projects financed by the authority and the
amount of such financing for each such project over the past year, which
report shall, by reference to  specific  items  in  the  city's  capital
budget, describe the type and location of each such project.