2023 New York Laws › PBA - Public Authorities › Article 10-D - Miscellaneous Authorities › Title 1 - Nassau County Interim Finance Authority › 3651 - Definitions.

§  3651.  Definitions.  For  the  purposes  of  this title, unless the
  context otherwise requires:
1. "Authority" or "Nassau county interim finance authority" means  the
  public benefit corporation created by this title.
2.  "Bonds"  means  bonds,  notes and other evidences of indebtedness,
  issued or incurred by the authority.
3. "Chief fiscal officer" means the chief fiscal officer of the county
  as defined in the county charter.
4. "Comptroller" means the comptroller of the county.
5. "Control period" means a period  determined  by  the  authority  in
  accordance with section thirty-six hundred sixty-nine of this title.
6. "County" means the county of Nassau.
7.  "County charter" means the county government law of Nassau county,
  as amended.
8. "County executive" means the county executive of the county.
9. "County tax revenues" means (a) that portion of tax  revenues  that
  is deducted and withheld for transfer and credit by the authority to the
  county  of Nassau revenue anticipation note withholding fund established
  by the authority and (b) the balance of tax revenues transferred by  the
  authority   to  the  county,  pursuant  to  section  thirty-six  hundred
  fifty-seven of this title.
10. "Covered organization" means the Nassau health  care  corporation,
  and  any  other  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  (i)  any
  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 at 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,  and  provided  that  at  the  time  of  such
  exemption, there shall have been and during the period of such exemption
  there  shall  be  an annual audit by a nationally recognized independent
  certified public accounting firm or consortium of firms,  one  of  which
  shall  be  a  nationally  recognized firm, of the covered organization's
  financial statements performed in  accordance  with  generally  accepted
  auditing  standards and report by such auditor thereon which includes an
  opinion that the financial statements so audited have been  prepared  in
  accordance  with generally accepted accounting principles and such other
  information as such auditors deem appropriate,  (ii)  any  state  public
  authority  as  defined  in  section two hundred one of the civil service
  law, unless specifically named above, or (iii) any governmental  agency,
  authority, commission or instrumentality created by compact or agreement
  between  the  state  of  New York and another state or states; provided,
  however, 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.  "Financeable costs" or "costs" means costs to finance (a) amounts
  necessary to accomplish a refunding, repayment  or  restructuring  of  a
  portion  of the county's outstanding indebtedness or that of any covered
  organization, (b) cash flow needs of  the  county,  (c)  tax  certiorari
  settlements  and  judgments  of any kind to which the county is a party,
  (d) appropriated capital costs of the county, including the costs of any
  preliminary studies, surveys, maps, plans, estimates and  hearings,  (e)

  amounts   necessary  to  finance  any  county  deficit,  to  the  extent
  authorized by state law, or (f) 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 ten of section thirty-six hundred fifty-four of this title
  or  any  underwriting  or  other  costs  incurred in connection with the
  financing thereof.
13. "Financial plan" means the financial plan of the  county  and  the
  covered  organizations  to  be  developed pursuant to section thirty-six
  hundred sixty-seven of this title, as from time to time amended.
14. "Interim finance  period"  means  the  period  of  time  from  the
  effective date of this title until the date when (a) the authority shall
  determine,  based  on  annual audit reports furnished in accordance with
  this title, that for each fiscal year, through and including fiscal year
  two thousand eight, that the county has adopted and adhered  to  budgets
  covering  all  expenditures  the  results  of which did 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 chief fiscal officer shall certify that securities  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  seasonal   financing
  requirements  of  the  county  during such period in accordance with the
  financial plan then in effect.
15. "Legislature" means the legislature of the county.
16. "Major  operating  funds"  means  the  general  fund,  the  police
  district  fund,  the police headquarters fund, the county parks fund and
  the fire prevention fund of the county, together with any other funds of
  the county or a covered organization from time to time designated by the
  authority.
17. "NCIFA assistance" means the amount of debt service savings  in  a
  given fiscal year generated from the proceeds of bonds made available to
  or  for  the  benefit  of  the  county  or  any  covered organization as
  determined by the authority.
18.  "Presiding  officer"  means  the   presiding   officer   of   the
  legislature, elected pursuant to the rules of the legislature.
19.  "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   NCIFA   assistance   or
  transitional state aid expected to be available for such fiscal year.
20.  "Public corporation" means and includes the county, the state and
  every public corporation as defined in the general construction law.
21. "Revenues" means the  tax  revenues  and  all  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, but in no event shall revenues
  include any transitional state aid.
22. "State" means the state of New York.
23.   "Tax   revenues"  means  sales  and  compensating  use  tax  net
  collections paid or payable to the authority pursuant to section  twelve
  hundred sixty-one of the tax law.
24.  "Transitional  state aid" means any state aid appropriated to the
  authority for the  benefit  of  the  county  for  (a)  unrestricted  aid
  purposes and (b) the purpose of assisting the county in streamlining the
  tax  certiorari  claims  process  and eliminating the need to borrow for
  such costs.