This text of New York § 3060 (Remedies of the corporation) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 3060. Remedies of the corporation.
1.The corporation shall cause\neach proposed budget, including related revenue estimates, submitted to\nit pursuant to subdivision four of section three thousand fifty-eight of\nthis title, and each proposed modification furnished to it pursuant to\nsubdivision four of such section and each expenditure plan and\noperations report submitted to it pursuant to subdivision six of such\nsection, to be reviewed promptly by the corporation's staff or designee.\n 2. If, within forty-five days after such receipt of proposed budgets,\nor, if within fifty days after such receipt of a proposed modification,\nthe board of directors shall, in its judgement, determine that any such\nbudgets will not be balanced in accordance with the provisions of\nsubdivision fiv
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§ 3060. Remedies of the corporation. 1. The corporation shall cause\neach proposed budget, including related revenue estimates, submitted to\nit pursuant to subdivision four of section three thousand fifty-eight of\nthis title, and each proposed modification furnished to it pursuant to\nsubdivision four of such section and each expenditure plan and\noperations report submitted to it pursuant to subdivision six of such\nsection, to be reviewed promptly by the corporation's staff or designee.\n 2. If, within forty-five days after such receipt of proposed budgets,\nor, if within fifty days after such receipt of a proposed modification,\nthe board of directors shall, in its judgement, determine that any such\nbudgets will not be balanced in accordance with the provisions of\nsubdivision five of section three thousand fifty-eight of this title,\neither by its terms or because revenue is overestimated or expenditures\nare underestimated therein, or that a report of proposed modification\npursuant to subdivision five of section three thousand fifty-eight of\nthis title reflects that the budgets would thereafter not be balanced in\naccordance with the provisions of subdivision four of section three\nthousand fifty-eight of this title, or that a condition imposed pursuant\nto such section has not been met or will not be met, with respect to\nsuch fiscal year, then the corporation shall promptly notify the chief\nexecutive officer of such determination and shall review with him the\nmanner in which corrective action may be taken in order to comply with\nsuch conditions.\n 3. In the event that the board of directors determines, following\nreview with the chief executive officer pursuant to subdivision two of\nthis section that the corrective action necessary to cause compliance\nwith the conditions of section three thousand fifty-eight of this title\nwill not be taken, or determines as a result of a review made pursuant\nto section three thousand fifty-nine of this title or otherwise that the\ncity is not in compliance with any of the conditions imposed pursuant to\nsection three thousand fifty-eight of this title or that any\nrepresentation or undertaking contained in any certificate delivered\npursuant to such section is materially incorrect or has not been\ncomplied with in all material respects, the corporation shall promptly\ncertify a copy of such determination of noncompliance to the governor,\nthe legislature, the state comptroller, the chief executive officer, the\ncity council and the city comptroller and shall disclose such\ndetermination to the public.\n 4. The remedies described in this section are not exclusive and, in\naddition thereto, the corporation shall have and may exercise all other\nrights and remedies provided by law.\n