§ 2327 — Financial records

§ 2327. Financial records. 1. The authority shall maintain books and\nrecords in such form as may be prescribed by the state comptroller.\n 2. Annually within ninety days following the close of its fiscal year,\nthe authority shall prepare and file a financial report for that fiscal\nyear complying with the requirements of section eight hundred fifty-nine\nof the general municipal law.\n 3. If the authority fails to file or substantially complete, as\ndetermined by the state comptroller, the financial statement required by\nsection eight hundred fifty-nine of the general municipal law, the\npenalties set forth in section eight hundred fifty-nine of the general\nmunicipal law shall apply to the authority.\n 4. The authority shall mail or deliver to the chief executive officer\nand the governing body of the city of Auburn and make available for\npublic inspection and comment, its proposed budget for the forthcoming\nfiscal year, no later than twenty business days before adoption. At such\ntime the authority shall file its proposed budget with the clerk of the\ncity of Auburn. Such proposed budget shall contain detailed estimates in\nwriting of the amount of revenues to be received and expenditures to be\nmade during the forthcoming fiscal year. Following its consideration of\nthe comments received, the agency may revise its budget accordingly and\nshall file the revised budget with the clerk of the city of Auburn.\n 5. Payments in lieu of taxes received by the authority shall be paid\nover to each affected tax jurisdiction within thirty days of receipt.\n 6. Payments in lieu of taxes which are delinquent under the agreement\nor which the authority fails to remit pursuant to subdivision five of\nthis section shall be subject to a late payment penalty of five percent\nof the amount due which shall be paid by the project occupant (where\ntaxes are delinquent because of the occupant's failure to make the\nrequired payment) or the agency (because of the agency's failure to\nremit pursuant to subdivision five of this section) to the affected tax\njurisdiction at the time the payment in lieu of taxes is paid. For each\nmonth, or part thereof, that the payment in lieu of taxes is delinquent\nbeyond the first month, interest shall accrue to and be paid to the\naffected tax jurisdiction on the total amount due plus a late payment\npenalty in the amount of one percent per month until the payment is\nmade.\n 7. An affected tax jurisdiction which has not received a payment in\nlieu of taxes due to it under an agreement may commence legal action in\nany court of competent jurisdiction directly against any person, firm,\ncorporation, organization or agency which is obligated to make payments\nin lieu of taxes under an agreement and has failed to do so. In such an\naction, the affected tax jurisdiction shall be entitled to recover the\namount due, the late payment penalty, interest, expenses, costs and\ndisbursements together with the reasonable attorneys' fees necessary to\nprosecute such action. Nothing herein shall be construed as providing an\naffected tax jurisdiction with the right to sue and recover from an\nagency which has not received payments in lieu of taxes from a project\noccupant.\n 8. Any refinancing of a project shall be subject to the provisions of\nsection twenty-three hundred seven of this chapter, except where such\nrefinancing was previously approved pursuant to such section.\n 9. Agents of the authority and project operators shall annually file a\nstatement with the state department of taxation and finance, on a form\nand in such a manner as is prescribed by the commissioner of taxation\nand finance, of the value of all sales and use tax exemptions claimed by\nsuch agents or agents of such agents or project operators, including,\nbut not limited to, consultants or subcontractors of such agents or\nproject operators under the authority granted pursuant to this section.\nThe penalty for failure to file such statements shall be removal of\nauthority to act as agent of the authority or project operator.\n