* § 3040. Remedies of the corporation.
1.The corporation shall cause\neach proposed expense budget, including related revenue estimates,\nsubmitted to it pursuant to subdivision four of section thirty hundred\nthirty-eight of this chapter, each report on expense items in the\ncapital budget submitted to it pursuant to subdivision five of such\nsection, each proposed modification furnished to it pursuant to\nsubdivision six of such section and each expenditure plan and operations\nreport submitted to it pursuant to subdivision seven of such section, to\nbe reviewed promptly by the corporation's staff or designee.\n 2. If, within forty-five days after such receipt of a proposed expense\nbudget, report on expense items, expenditure plan or operations report,\nor, if within thirty days aft
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* § 3040. Remedies of the corporation. 1. The corporation shall cause\neach proposed expense budget, including related revenue estimates,\nsubmitted to it pursuant to subdivision four of section thirty hundred\nthirty-eight of this chapter, each report on expense items in the\ncapital budget submitted to it pursuant to subdivision five of such\nsection, each proposed modification furnished to it pursuant to\nsubdivision six of such section and each expenditure plan and operations\nreport submitted to it pursuant to subdivision seven of such section, to\nbe reviewed promptly by the corporation's staff or designee.\n 2. If, within forty-five days after such receipt of a proposed expense\nbudget, report on expense items, expenditure plan or operations report,\nor, if within thirty days after such receipt of a proposed modification,\nthe board of directors shall, in its judgment, determine that any such\nexpense budget will not be balanced in accordance with the provisions of\nsubdivision four of section three thousand thirty-eight, either by its\nterms or because income is overestimated or expenditures are\nunderestimated therein, or that a report of proposed modification\npursuant to subdivision six of section three thousand thirty-eight of\nthis chapter reflects that the expense budget would thereafter not be\nbalanced in accordance with the provisions of subdivision four of\nsection three thousand thirty-eight, or that a condition imposed\npursuant to such section has not been met or will not be met, with\nrespect to such fiscal year, then the corporation shall promptly notify\nthe mayor of such determination and shall review with him the manner in\nwhich corrective action may be taken in order to comply with such\nconditions.\n 3. In the event that the board of directors determines, following\nreview with the mayor pursuant to subdivision two of this section that\nthe corrective action necessary to cause compliance with the conditions\nof section thirty hundred thirty-eight of this chapter will not be\ntaken, or determines as a result of a review made pursuant to section\nthirty hundred thirty-nine of this chapter or otherwise that the city is\nnot in compliance with any of the conditions imposed pursuant to section\nthirty hundred thirty-eight of this chapter or that any representation\nor undertaking contained in any certificate delivered pursuant to such\nsection is materially incorrect or has not been complied with in all\nmaterial respects, the corporation shall promptly certify a copy of such\ndetermination of noncompliance to the governor, the legislature, the\nstate comptroller, the mayor, the board of estimate, the city council\nand the city comptroller and shall disclose such determination to the\npublic.\n 4. The remedies described above in this section are not exclusive and,\nin addition thereto, the corporation shall have and may exercise all\nother rights and remedies provided by law.\n * NB The corporation shall continue for a term ending the later of\nJuly 1, 2008 or one year after its liabilities have been fully paid and\ndischarged per § 3033 sub 1.\n