2023 New York Laws › PBA - Public Authorities › Article 10-D - Miscellaneous Authorities › Title 1 - Nassau County Interim Finance Authority › 3655 - Declaration of Need.

§ 3655. Declaration of need. 1. The county shall determine and declare
  whether it requests the authority to undertake a financing of costs. Any
  such  request  shall be made by the county executive and approved by the
  legislature. Any such financing shall be  consistent  with  the  adopted
  budget  and  financial  plan  required under sections thirty-six hundred
  sixty-six  and  thirty-six  hundred  sixty-seven  of  this   title,   as
  applicable.
2.  Upon  declaration by the county of such need, the county executive
  shall request that the authority provide financing  in  accordance  with
  the provisions of this title.
3.  Upon  approval  by  the authority, in its discretion in accordance
  with the provisions of  this  title,  of  such  financing  request,  the
  authority  may  enter  into  agreements with the county, and the county,
  acting by the county executive, approved by the legislature,  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 and the fiscal affairs of the county, including but not limited
  to  the  manner  of preparation of budget reports and financial plans as
  provided for in sections thirty-six  hundred  sixty-six  and  thirty-six
  hundred  sixty-seven  of  this  title,  as  applicable.  The authority's
  revenues shall not be deemed funds of the county.  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.
4. Such agreements shall (a) describe the particular financeable costs
  to be financed in whole or in part by the authority,  (b)  describe  the
  plan  for  the financing of the costs, (c) 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 county, (d) where appropriate,
  provide for the payment of such costs by the county under such contracts
  as shall be awarded by the county or for the county to  make  a  capital
  contribution  of such proceeds as county funds to another entity for the
  payment or reimbursement of such costs, and (e) require  every  contract
  entered  into  by the county, or another entity receiving funds from the
  county, for costs to be financed in whole or in part by the authority to
  be subject to the provisions of the county charter and other  applicable
  laws  governing  contracts of the county or such entity, as the case may
  be. Nothing  contained  in  this  title  shall  relieve  or  modify  the
  application  to  the county or any entity acting on behalf of the county
  or any covered organization of the requirements of law relating  (i)  to
  contracts for procurement, design, construction, services and materials,
  or  (ii)  the provisions of section two hundred twenty of the labor law,
  or (iii) the provisions of article five-A of the general municipal law.
5. At least annually, commencing no more than one year after the  date
  on  which  authority  bonds are first issued, the county executive shall
  report to the authority, the comptroller,  the  legislature,  the  state
  comptroller, the chairs of the senate finance committee and the assembly
  ways  and  means  committee, and the director of the budget on the costs
  financed by the authority and the amount of such financing over the past
  year, which report shall describe, by reference to the specific items in
  the county's budget or financial plan, its compliance therewith.