§ 2799-FF — Declaration of need

§ 2799-ff. Declaration of need. 1. The mayor shall determine and\ndeclare at least annually whether a capital financing need exists. When\nthe mayor determines that a capital financing need exists, the mayor\nshall so certify and submit to the authority a transitional capital\nplan. Such plan shall include only projects whose costs are\nappropriated in the capital budget of the city and shall describe by\nreference to the capital budget of the city the particular projects and\ncosts requested to be financed in whole or in part by the authority.\n 2. Concurrent with the submission to the authority of the\ncertification, request and plan, the mayor shall submit copies of such\ncertification, request and plan to the comptroller, the speaker of the\ncouncil, the governor and the state comptroller, and to the chair and\nranking minority member of the senate finance committee and the chair\nand ranking minority member of the assembly ways and means committee,\nand to the state financial control board for the city.\n 3. At the time of submission, (a) the mayor shall publish notice of\nsuch plan and the availability of digests thereof in at least one\nnewspaper of general circulation within the city, which notice shall\nalso state that a public hearing will be held to consider the plan at a\nspecified time and place on a date not less than thirty days after such\npublication; (b) the mayor or his designee shall conduct public hearings\npursuant to such notice; (c) any person shall have the opportunity to\npresent written comments on the plan within thirty days after the date\nof the public hearing; and (d) after due consideration of such testimony\nand comments, if any, the mayor shall affirm, modify or withdraw the\nplan.\n 4. Upon declaration by the mayor of such need, the mayor shall request\nthat the authority provide financing in accordance with the provisions\nof this title.\n 5. Upon approval by the authority that such a capital financing need\nexists pursuant to such submissions, the authority may:\n (a) authorize agreements between the city and the authority in\naccordance with the provisions of this title. Such agreements shall not\nconstitute indebtedness of the city for purposes of section 20.00 of the\nlocal finance law or any constitutional or statutory limitation.\n (b) enter into agreements with the city and the city, acting by the\nmayor alone, may enter into agreements with the authority in accordance\nwith the provisions of this title as to the financing of costs by the\nauthority, the application of tax revenues to the authority to secure\nits bonds, and further assurances in respect of the authority's receipt\nof such revenues. The authority's revenues shall not be deemed funds of\nthe city. Any such agreements may be pledged by the authority to secure\nits bonds and may not be modified thereafter except as provided by the\nterms of the pledge.\n 6. Such agreements (i) shall describe by reference to the capital\nbudget of the city the particular projects and costs to be financed in\nwhole or in part by the authority, (ii) shall describe the plan for the\nfinancing of the costs or projects, (iii) shall set forth the method by\nwhich and by whom and the terms and conditions upon which money provided\nby the authority shall be disbursed to the city, which disbursements\nshall occur, subject to receipt by the authority of such documentation\nas to the costs being reimbursed as the authority shall reasonably\nrequire, at least monthly, (iv) shall provide for the payment of such\ncosts by the city under such contracts as shall be awarded by the city\nor for the city to make a capital contribution of such proceeds as city\nfunds to another entity for the payment or reimbursement of such costs,\nand (v) shall require every contract entered into by the city, or\nanother entity receiving funds from the city, for projects or costs to\nbe financed in whole or in part by the authority to be subject to the\nprovisions of the New York city charter and other applicable laws\ngoverning contracts of the city or such entity, as the case may be.\n 7. At least annually, commencing no more than one year after the date\non which authority bonds are first issued, the mayor shall report to the\ncomptroller, the speaker of the council, the governor, the state\ncomptroller, the chair and ranking minority member of the senate finance\ncommittee and the chair and ranking minority member of the assembly ways\nand means committee on the projects financed by the authority and the\namount of such financing for each such project over the past year, which\nreport shall, by reference to specific items in the city's capital\nbudget, describe the type and location of each such project.\n