§ 3861 — Declaration of need for financing assistance to the city

§ 3861. Declaration of need for financing assistance to the city. 1.\nThe city shall determine and declare whether it requests the authority\nto undertake a financing of costs, including costs of the city's\ndependent school district or any other covered organization. Any such\nrequest shall be made by and through the mayor after approval by the\ncouncil. Any such financing shall be consistent with the adopted budget\nand financial plan of the city required under sections thirty-eight\nhundred fifty-six and thirty-eight hundred fifty-seven of this title, as\napplicable.\n 2. Upon declaration by the city of such need, the mayor shall request\nthat the authority provide financing in accordance with the provisions\nof 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 city, for itself or on\nbehalf of the city's dependent school district or any other covered\norganization, as applicable, and the city, acting by the mayor, approved\nby the council, may enter into agreements with the authority in\naccordance with the provisions of this title as to the financing of\ncosts by the authority, the application of revenues to the authority to\nsecure its bonds, notes or other obligations, and further assurances in\nrespect of the authority's receipt of such revenues and the fiscal\naffairs of the city, including but not limited to the manner of\npreparation of budget reports and financial plans as provided for in\nsections thirty-eight hundred fifty-six and thirty-eight hundred\nfifty-seven of this title, as applicable. The authority's revenues shall\nnot be deemed funds of the city. Any such agreements with the city may\nbe pledged by the authority to secure its bonds, notes or other\nobligations and may not be modified thereafter except as provided by the\nterms of the pledge.\n 4. Such agreements with the city shall (a) describe the particular\nfinanceable costs to be financed in whole or in part by the authority,\n(b) describe the plan for the financing of the costs, (c) set forth the\nmethod by which and by whom and the terms and conditions upon which\nmoney provided by the authority shall be disbursed to the city for\nitself or on behalf of the city's dependent school district or other\ncovered organization, as applicable, (d) where appropriate, provide for\nthe payment of such costs by the city under such contracts as shall be\nawarded by the city or for the city to make a capital contribution of\nsuch proceeds as city funds to another entity for the payment or\nreimbursement of such costs, and (e) require every contract entered into\nby the city, or another entity receiving funds from the city, for costs\nto be financed in whole or in part by the authority to be subject to the\nprovisions of the city charter and other applicable laws governing\ncontracts of the city or such entity, as the case may be.\n 5. At least annually, commencing no more than one year after the date\non which authority bonds, notes or other obligations are first issued,\nthe mayor shall report to the authority, the comptroller, the council,\nthe state comptroller, the chairs of the senate finance committee and\nthe assembly ways and means committee, and the director of the budget on\nthe costs financed by the authority and the amount of such financing\nover the past year, which report shall describe, by reference to the\nspecific items in the city's budget or financial plan, its compliance\ntherewith.\n