§ 3851. Definitions. For the purposes of this title, unless the\ncontext otherwise requires: 1. "Advisory period" means that period no\nearlier than July first, two thousand six, after which the authority has\ndetermined that (a) for each of the three immediately preceding city\nfiscal years, the city has adopted and adhered to budgets covering all\nexpenditures, other than capital items, the results of which did not\nshow a deficit, without the use of any authority assistance, as provided\nfor under section thirty-eight hundred fifty-seven of this title, when\nreported in accordance with generally accepted accounting principles and\n(b) the comptroller and the state comptroller jointly certify that\nsecurities were sold by the city during the immediately preceding city\nfiscal year in t
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§ 3851. Definitions. For the purposes of this title, unless the\ncontext otherwise requires: 1. "Advisory period" means that period no\nearlier than July first, two thousand six, after which the authority has\ndetermined that (a) for each of the three immediately preceding city\nfiscal years, the city has adopted and adhered to budgets covering all\nexpenditures, other than capital items, the results of which did not\nshow a deficit, without the use of any authority assistance, as provided\nfor under section thirty-eight hundred fifty-seven of this title, when\nreported in accordance with generally accepted accounting principles and\n(b) the comptroller and the state comptroller jointly certify that\nsecurities were sold by the city during the immediately preceding city\nfiscal year in the general public market and that there is a substantial\nlikelihood that such securities can be sold by the city in the general\npublic market from such date through the end of the next succeeding city\nfiscal year in amounts that will satisfy substantially all of the\ncapital and cash flow requirements of the city during that period in\naccordance with the financial plan then in existence. The joint\ncertification made by the comptroller and the state comptroller shall be\nbased on their separate written determinations which may take into\naccount a report and opinion of an independent expert in the marketing\nof securities selected by the authority as well as other information\navailable to the comptrollers. Once begun, an advisory period shall\ncontinue through June thirtieth, two thousand thirty-seven unless a\ncontrol period is imposed.\n 2. "Authority" or "Buffalo fiscal stability authority" or "BFSA" means\nthe public benefit corporation created by this title.\n 3. "BFSA assistance" means: (a) the amount of debt service savings in\na given city fiscal year generated from the proceeds of bonds, notes or\nother obligations made available to or for the benefit of the city or\nany covered organization as determined by the authority; or (b) the\nproceeds of any deficit financing authorized by the authority, or some\ncombination thereof pursuant to the provisions of section thirty-eight\nhundred fifty-seven of this title. Such assistance shall be made\navailable only upon a declaration of need by the city pursuant to\nsection thirty-eight hundred sixty-one of this title and the approval of\nthe BFSA board.\n 4. "Bonds, notes or other obligations" means bonds, notes and other\nevidences of indebtedness, issued or incurred by the authority.\n 5. "Chief fiscal officer" means the chief fiscal officer of the city\nas defined in section 2.00 of the local finance law.\n 6. "City" means the city of Buffalo.\n 7. "City charter" means the city government law of the city of\nBuffalo, as amended.\n 8. "City tax revenues" means the portion of the county's "net\ncollections", as defined in section twelve hundred sixty-two of the tax\nlaw, payable to the city under the agreement among the county, the city\nand the cities of Lackawanna and Tonawanda entered into pursuant to the\nauthority of subdivision (c) of section twelve hundred sixty-two of the\ntax law. In the event that the city imposes sales and compensating use\ntaxes pursuant to the authority of section twelve hundred ten of the tax\nlaw, "city tax revenues" shall also include net collections from such\ncity taxes.\n 9. "Comptroller" means the comptroller of the city.\n 10. "Control period" means that period of time from the effective date\nof this title, continuing until the authority determines that conditions\nhave been met as provided in subdivision one of this section and the\ncity qualifies for the onset of an advisory period. A control period may\nbe reimposed as determined by the authority in accordance with section\nthirty-eight hundred fifty-eight of this title.\n 11. "Council" means the city council of the city of Buffalo.\n 12. "County" means the county of Erie.\n 13. "Covered organization" means the city school district, the joint\nschools construction board of the city, as described in chapter six\nhundred five of the laws of two thousand, as amended, and the Buffalo\nmunicipal housing authority and any governmental agency, public\nauthority or public benefit corporation which receives or may receive\nmoneys directly, indirectly or contingently from the city, but excluding\nthe authority and (a) any other governmental agency, public authority or\npublic benefit corporation specifically exempted from the provisions of\nthis title by order of the authority upon application of such agency,\npublic authority, or corporation to the authority or on the authority's\nown motion upon a finding by the authority that such exemption does not\nmaterially affect the ability of the city to adopt and maintain a budget\npursuant to the provisions of this title, or (b) any state public\nauthority defined in section two hundred one of the civil service law,\nunless specifically named above; provided, however, that the authority\nmay terminate any exemption granted by order of the authority pursuant\nto this subdivision upon a determination that the circumstances upon\nwhich such exemption was granted are no longer applicable.\n 14. "Director of the budget" means the director of the budget of the\nstate.\n 15. "Financeable costs" or "costs" means costs to finance (a) amounts\nnecessary to accomplish a refunding, repayment or restructuring of a\nportion of the city's outstanding indebtedness or that of any covered\norganization, (b) cash flow needs of the city or any covered\norganization, (c) any object or purpose of the city or any covered\norganization, for which a period of probable usefulness is prescribed in\nsection 11.00 of the local finance law, including the costs of any\npreliminary studies, surveys, maps, plans, estimates and hearings, (d)\namounts necessary to finance a portion of the operating costs of the\ncity or any covered organization as provided in section thirty-eight\nhundred fifty-seven of this title, to the extent approved by the\nauthority, or (e) incidental costs, including, but not limited to, legal\nfees, printing or engraving, publication of notices, taking of title,\napportionment of costs, and capitalized interest, insurance premiums,\ncosts related to items authorized in subdivisions seven through nine of\nsection thirty-eight hundred fifty-four of this title or any\nunderwriting or other costs incurred in connection with the financing\nthereof; provided however that, to the maximum extent practicable, all\nfinanceable costs shall not adversely affect the requirements of\nsubdivision two of section thirty-eight hundred sixty-nine of this\ntitle.\n 16. "Financial plan" means the financial plan of the city and the\ncovered organizations to be developed pursuant to section thirty-eight\nhundred fifty-seven of this title, as from time to time amended.\n 17. "Major operating funds" means the city general fund, the board of\neducation general fund, the city enterprise funds, the board of\neducation special project funds, together with any other funds of the\ncity or a covered organization from time to time designated by the\nauthority.\n 18. "Mayor" means the mayor of the city.\n 19. "Presiding officer" means the presiding officer of the council\nelected pursuant to the rules of the council.\n 20. "Projected gap" means the excess, if any, of annual aggregate\nprojected expenditures over annual aggregate projected revenues for the\nmajor operating funds in each year of a financial plan as determined by\nthe city and certified by the authority. For purposes of determining the\nprojected gap in each fiscal year, annual aggregate projected revenues\nshall not include the amount of BFSA assistance expected to be available\nfor such fiscal year.\n 21. "Revenues" means revenues of the authority consisting of city tax\nrevenues, school district tax revenues, state aid revenues, and all\nother aid, rents, fees, charges, gifts, payments and other income and\nreceipts paid or payable to the authority or a trustee for the account\nof the authority, to the extent such amounts are pledged to bondholders.\n 22. "State" means the state of New York.\n 23. "State aid" means: all general purpose local government aid;\nemergency financial assistance to certain cities; emergency financial\nassistance to eligible municipalities; supplemental municipal aid; and\nany successor type of aid and any new aid appropriated by the state as\nlocal government assistance for the benefit of the city.\n 24. "State aid revenues" means state aid paid by the state comptroller\nto the authority pursuant to this title.\n 25. "State comptroller" means the comptroller of the state.\n 26. "School district tax revenues" means the portion of the county's\n"net collections," as defined in section twelve hundred sixty-two of the\ntax law, payable to the city's dependent school district by the county\npursuant to the authority of subdivision (a) of section twelve hundred\nsixty-two of the tax law.\n 27. "Cash flow borrowings" means:\n (a) notes issued by the authority on behalf of the city, the city's\ndependent school district or any other covered organization, the\nproceeds of which are used to address temporary cash flow needs of the\ncity, the city's dependent school district or the applicable covered\norganization; and\n (b) bonds, notes and other obligations issued by the authority to\nrefund notes of the authority described in paragraph (a) of this\nsubdivision.\n 28. "Obligations of the city" means bonds, notes and other evidences\nof indebtedness issued or incurred by the city.\n