§ 3860 — Additional provisions

New York § 3860

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Buffalo Fiscal Stability Authority
• Art. 10-D: Miscellaneous Authorities

Text

§ 3860. Additional provisions. 1. Notwithstanding any provision to the\ncontrary in title six-A of article two of the local finance law, neither\nthe city nor any covered organization shall file any petition authorized\nby such title six-A without the approval of the authority and the state\ncomptroller. No such petition shall be filed as long as any bonds, notes\nor other obligations issued by the authority remain outstanding. Failure\nof the authority or the state comptroller to notify the city or a\ncovered organization within thirty days (or such additional time, not\nexceeding thirty days, as the authority or state comptroller shall have\nnotified the city or covered organization that it requires to complete\nits review) after submission to it of a petition shall be deemed to\nconstitute authority or state comptroller approval thereof.\n 2. Nothing contained in this title shall limit the right of the city\nor any covered organization to comply with the provisions of any\nexisting contract within or for the benefit of the holders of any bonds\nor notes of the city or such covered organization.\n 3. Nothing contained in this title shall be construed to limit the\npower of the city or a covered organization to determine, from time to\ntime, within available funds for the city or for such covered\norganization, the purposes for which expenditures are to be made by the\ncity or such covered organization and the amounts of such expenditures,\nconsistent with the aggregate expenditures then permitted under the\nfinancial plan for the city or such covered organization.\n 4. The authority's fiscal year shall be July first through June\nthirtieth.\n 5. The authority shall adopt guidelines for procurement contracts in\naccordance with section twenty-eight hundred seventy-nine of this\nchapter.\n