§ 3057. Payments to or purchases of obligations of the city.
1.In the\nevent that the chief executive officer from time to time certifies to\nthe corporation an amount required by the city to enable it (a) to pay\nfor any item which is permitted by law to be included in the city's\ncapital budget for the fiscal year for which such certification is made,\nincluding payments to reimburse the general fund for moneys advanced and\nexpended for any such item, or (b) to pay operating expenses of the city\nother than those included in this paragraph, or (c) to liquidate all or\na portion of the city's cumulative deficits for the years nineteen\nhundred ninety-three through nineteen hundred ninety-five, both\ninclusive, or to pay, at maturity, or on the redemption date, the\nprincipal of and in
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§ 3057. Payments to or purchases of obligations of the city. 1. In the\nevent that the chief executive officer from time to time certifies to\nthe corporation an amount required by the city to enable it (a) to pay\nfor any item which is permitted by law to be included in the city's\ncapital budget for the fiscal year for which such certification is made,\nincluding payments to reimburse the general fund for moneys advanced and\nexpended for any such item, or (b) to pay operating expenses of the city\nother than those included in this paragraph, or (c) to liquidate all or\na portion of the city's cumulative deficits for the years nineteen\nhundred ninety-three through nineteen hundred ninety-five, both\ninclusive, or to pay, at maturity, or on the redemption date, the\nprincipal of and interest on obligations of the city issued for such\npurposes, or (d) to acquire, or cause to be acquired, all or a portion\nof the real or personal property leased by the city pursuant to one or\nmore lease agreements between the city and the Troy local development\ncorporation including the financing of the payment of any judgments or\ncompromised or settled claims against the city relating thereto, or (e)\nto pay at maturity, or on the redemption date, the principal of and\ninterest on obligations of the city previously issued to finance any\nitem in the current or any prior fiscal year, or (f) to pay for the\ncosts of closure of the city's landfill, the corporation may (i) pay to\nthe city, or (ii) purchase from the city obligations hereafter issued by\nthe city in an amount equivalent to, part or all of such certified\namount.\n 2. Moneys paid to the city pursuant to subparagraph (i) or (ii) of\nparagraph (e) of subdivision one of this section shall be held in trust\nfor the payment of city obligations or shall be used to make the payment\nfor which such moneys have been so certified. The corporation shall not\nmake any payment to the city, or purchase any obligations from the city,\npursuant to this section unless the city shall have agreed to observe\nthe conditions set forth in section three thousand fifty-eight of this\ntitle, subject to such modifications as are permitted thereunder.\n 3. In consideration of the payments made to the city for the purposes\ndescribed in paragraph (a), (b), (c), (d), (e) or (f) of subdivision one\nof this section, the corporation shall purchase from the city\nobligations issued by the city in accordance with applicable provisions\nof the state constitution and local finance law then in effect at the\ntime such obligations are issued in an amount equivalent to such\npayment. Nothing herein shall require the corporation to receive\nobligations issued by the city under the local finance law as a\ncondition to making a total of seventy-one million dollars of payments\nin the aggregate to the city pursuant to paragraph (a), (c), (d), (e),\nor (f) of subdivision one of this section.\n 4. Nothing contained in this title shall be deemed to create an object\nor purpose or to establish or extend a period for which a city bond may\nbe issued pursuant to the local finance law, or to create authority for\nthe city to issue a bond payable from a tax on real estate levied\noutside the limit imposed by the state constitution on the amount to be\nraised by tax on real estate for local purposes other then debt service,\nor to modify, amend, repeal, or rescind any other provision of the local\nfinance law governing the issuance by the city of its bonds or the\npayment of principal and interest thereon.\n 5. At all times after receipt of obligations of the city acquired\npursuant to this section, the corporation shall have the same rights and\npowers with respect to such obligations as the corporation shall have\nwith respect to obligations of the city received pursuant to subdivision\none of section three thousand fifty-five of this title; provided that\nthe corporation shall not deliver any obligation received pursuant to\nthis section for cancellation unless the city pays the principal amount\nand accrued interest thereon or pays accrued interest and exchanges such\nbond for another bond of the city in equal principal amounts in\nrefunding thereof unless the chief executive officer shall have\nrequested in writing that such obligations be delivered for\ncancellation, and provided further that the corporation may not sell or\ntransfer to any person other than the city any obligation of the city\nacquired by it pursuant to this section unless the chief executive\nofficer has requested in writing that the corporation sell or transfer\nsuch obligation and, if such obligation be sold or transferred at\nprivate sale, unless the terms of such sale have been approved by the\ncity comptroller.\n