§ 3651 — Definitions

New York § 3651

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1: Nassau County Interim Finance Authority
• Art. 10-D: Miscellaneous Authorities

Text

§ 3651. Definitions. For the purposes of this title, unless the\ncontext otherwise requires:\n 1. "Authority" or "Nassau county interim finance authority" means the\npublic benefit corporation created by this title.\n 2. "Bonds" means bonds, notes and other evidences of indebtedness,\nissued or incurred by the authority.\n 3. "Chief fiscal officer" means the chief fiscal officer of the county\nas defined in the county charter.\n 4. "Comptroller" means the comptroller of the county.\n 5. "Control period" means a period determined by the authority in\naccordance with section thirty-six hundred sixty-nine of this title.\n 6. "County" means the county of Nassau.\n 7. "County charter" means the county government law of Nassau county,\nas amended.\n 8. "County executive" means the county executive of the county.\n 9. "County tax revenues" means (a) that portion of tax revenues that\nis deducted and withheld for transfer and credit by the authority to the\ncounty of Nassau revenue anticipation note withholding fund established\nby the authority and (b) the balance of tax revenues transferred by the\nauthority to the county, pursuant to section thirty-six hundred\nfifty-seven of this title.\n 10. "Covered organization" means the Nassau health care corporation,\nand any other governmental agency, public authority or public benefit\ncorporation which receives or may receive moneys directly, indirectly or\ncontingently from the county, but excluding the authority and (i) any\ngovernmental agency, public authority or public benefit corporation\nspecifically exempted from the provisions of this title by order of the\nauthority upon application of such agency, public authority, or\ncorporation to the authority or at the authority's own motion upon a\nfinding by the authority that such exemption does not materially affect\nthe ability of the county to adopt and maintain a budget pursuant to the\nprovisions of this title, and provided that at the time of such\nexemption, there shall have been and during the period of such exemption\nthere shall be an annual audit by a nationally recognized independent\ncertified public accounting firm or consortium of firms, one of which\nshall be a nationally recognized firm, of the covered organization's\nfinancial statements performed in accordance with generally accepted\nauditing standards and report by such auditor thereon which includes an\nopinion that the financial statements so audited have been prepared in\naccordance with generally accepted accounting principles and such other\ninformation as such auditors deem appropriate, (ii) any state public\nauthority as defined in section two hundred one of the civil service\nlaw, unless specifically named above, or (iii) any governmental agency,\nauthority, commission or instrumentality created by compact or agreement\nbetween the state of New York and another state or states; provided,\nhowever, that the authority may terminate any exemption granted by order\nof the authority pursuant to this subdivision upon a determination that\nthe circumstances upon which such exemption was granted are no longer\napplicable.\n 11. "Director of the budget" means the director of the budget of the\nstate.\n 12. "Financeable costs" or "costs" means costs to finance (a) amounts\nnecessary to accomplish a refunding, repayment or restructuring of a\nportion of the county's outstanding indebtedness or that of any covered\norganization, (b) cash flow needs of the county, (c) tax certiorari\nsettlements and judgments of any kind to which the county is a party,\n(d) appropriated capital costs of the county, including the costs of any\npreliminary studies, surveys, maps, plans, estimates and hearings, (e)\namounts necessary to finance any county deficit, to the extent\nauthorized by state law, or (f) incidental costs, including, but not\nlimited to, legal fees, printing or engraving, publication of notices,\ntaking of title, apportionment of costs, and capitalized interest,\ninsurance premiums, costs related to items authorized in subdivisions\nseven through ten of section thirty-six hundred fifty-four of this title\nor any underwriting or other costs incurred in connection with the\nfinancing thereof.\n 13. "Financial plan" means the financial plan of the county and the\ncovered organizations to be developed pursuant to section thirty-six\nhundred sixty-seven of this title, as from time to time amended.\n 14. "Interim finance period" means the period of time from the\neffective date of this title until the date when (a) the authority shall\ndetermine, based on annual audit reports furnished in accordance with\nthis title, that for each fiscal year, through and including fiscal year\ntwo thousand eight, that the county has adopted and adhered to budgets\ncovering all expenditures the results of which did not show a major\noperating funds deficit when reported in accordance with generally\naccepted accounting principles, subject to the provisions of this title,\nand shall further determine that in the then current fiscal year there\nis a substantial likelihood that the results of the county's operations\nwill not show a deficit in the major operating funds when so reported\nand (b) the chief fiscal officer shall certify that securities sold by\nor for the benefit of the county during the fiscal year immediately\npreceding such date and the then current fiscal year in the general\npublic market satisfied the financing requirements of the county during\nsuch period and that there is a substantial likelihood that such\nsecurities can be sold in the general public market from such date\nthrough the end of the next succeeding fiscal year in amounts which will\nsatisfy substantially all of the capital and seasonal financing\nrequirements of the county during such period in accordance with the\nfinancial plan then in effect.\n 15. "Legislature" means the legislature of the county.\n 16. "Major operating funds" means the general fund, the police\ndistrict fund, the police headquarters fund, the county parks fund and\nthe fire prevention fund of the county, together with any other funds of\nthe county or a covered organization from time to time designated by the\nauthority.\n 17. "NCIFA assistance" means the amount of debt service savings in a\ngiven fiscal year generated from the proceeds of bonds made available to\nor for the benefit of the county or any covered organization as\ndetermined by the authority.\n 18. "Presiding officer" means the presiding officer of the\nlegislature, elected pursuant to the rules of the legislature.\n 19. "Projected gap" means the excess, if any, of annual aggregate\nprojected expenditures over annual aggregate projected revenues for the\nmajor operating funds in each year of a financial plan as determined by\nthe county and certified by the authority. For purposes of determining\nthe projected gap in each fiscal year, annual aggregate projected\nrevenues shall not include the amount of NCIFA assistance or\ntransitional state aid expected to be available for such fiscal year.\n 20. "Public corporation" means and includes the county, the state and\nevery public corporation as defined in the general construction law.\n 21. "Revenues" means the tax revenues and all aid, rents, fees,\ncharges, payments and other income and receipts paid or payable to the\nauthority or a trustee for the account of the authority to the extent\nsuch amounts are pledged to bondholders, but in no event shall revenues\ninclude any transitional state aid.\n 22. "State" means the state of New York.\n 23. "Tax revenues" means sales and compensating use tax net\ncollections paid or payable to the authority pursuant to section twelve\nhundred sixty-one of the tax law.\n 24. "Transitional state aid" means any state aid appropriated to the\nauthority for the benefit of the county for (a) unrestricted aid\npurposes and (b) the purpose of assisting the county in streamlining the\ntax certiorari claims process and eliminating the need to borrow for\nsuch costs.\n