§ 3655 — Declaration of need

New York § 3655

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

Text

§ 3655. Declaration of need. 1. The county shall determine and declare\nwhether it requests the authority to undertake a financing of costs. Any\nsuch request shall be made by the county executive and approved by the\nlegislature. Any such financing shall be consistent with the adopted\nbudget and financial plan required under sections thirty-six hundred\nsixty-six and thirty-six hundred sixty-seven of this title, as\napplicable.\n 2. Upon declaration by the county of such need, the county executive\nshall request that the authority provide financing in accordance with\nthe provisions of this title.\n 3. Upon approval by the authority, in its discretion in accordance\nwith the provisions of this title, of such financing request, the\nauthority may enter into agreements with the county, and the county,\nacting by the county executive, approved by the legislature, may enter\ninto agreements with the authority in accordance with the provisions of\nthis title as to the financing of costs by the authority, the\napplication of tax revenues to the authority to secure its bonds, and\nfurther assurances in respect of the authority's receipt of such\nrevenues and the fiscal affairs of the county, including but not limited\nto the manner of preparation of budget reports and financial plans as\nprovided for in sections thirty-six hundred sixty-six and thirty-six\nhundred sixty-seven of this title, as applicable. The authority's\nrevenues shall not be deemed funds of the county. Any such agreements\nmay be pledged by the authority to secure its bonds and may not be\nmodified thereafter except as provided by the terms of the pledge.\n 4. Such agreements shall (a) describe the particular financeable costs\nto be financed in whole or in part by the authority, (b) describe the\nplan for the financing of the costs, (c) set forth the method by which\nand by whom and the terms and conditions upon which money provided by\nthe authority shall be disbursed to the county, (d) where appropriate,\nprovide for the payment of such costs by the county under such contracts\nas shall be awarded by the county or for the county to make a capital\ncontribution of such proceeds as county funds to another entity for the\npayment or reimbursement of such costs, and (e) require every contract\nentered into by the county, or another entity receiving funds from the\ncounty, for costs to be financed in whole or in part by the authority to\nbe subject to the provisions of the county charter and other applicable\nlaws governing contracts of the county or such entity, as the case may\nbe. Nothing contained in this title shall relieve or modify the\napplication to the county or any entity acting on behalf of the county\nor any covered organization of the requirements of law relating (i) to\ncontracts for procurement, design, construction, services and materials,\nor (ii) the provisions of section two hundred twenty of the labor law,\nor (iii) the provisions of article five-A of the general municipal law.\n 5. At least annually, commencing no more than one year after the date\non which authority bonds are first issued, the county executive shall\nreport to the authority, the comptroller, the legislature, the state\ncomptroller, the chairs of the senate finance committee and the assembly\nways and means committee, and the director of the budget on the costs\nfinanced by the authority and the amount of such financing over the past\nyear, which report shall describe, by reference to the specific items in\nthe county's budget or financial plan, its compliance therewith.\n