§ 3951 — Definitions

§ 3951. Definitions. For the purposes of this title, unless the\ncontext otherwise requires: 1. "Advisory period" means a period of time\nfrom the effective date of this title until the date when (a) the\nauthority shall determine that for each fiscal year, through and\nincluding fiscal year two thousand twelve, that the county has adopted\nand adhered to budgets covering all expenditures the results of which do\nnot show a major operating funds deficit when reported in accordance\nwith generally accepted accounting principles, subject to the provisions\nof this title, and shall further determine that in the then current\nfiscal year there is a substantial likelihood that the results of the\ncounty's operations will not show a deficit in the major operating funds\nwhen so reported and (b) the comptroller shall certify that securities\nwere sold by or for the benefit of the county during the fiscal year\nimmediately preceding such date and the then current fiscal year in the\ngeneral public market satisfied the financing requirements of the county\nduring such 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 cash flow requirements of\nthe county during such period in accordance with the financial plan then\nin effect.\n 2. "Authority" or "Erie county fiscal stability authority" or "ECFSA"\nmeans the public benefit corporation created by this title.\n 3. "Bonds, notes or other obligations" means bonds, notes and other\nevidences of indebtedness, issued or incurred by the authority.\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-nine hundred fifty-nine of this title.\n 6. "County" means Erie county.\n 7. "County charter" means the county government law of Erie county, as\namended.\n 8. "County executive" means the county executive of the county.\n 9. "County tax revenues" means net collections set aside for county\npurposes pursuant to subdivision (a) of section twelve hundred sixty-two\nof the tax law, from the county's sales and compensating use taxes\nimposed pursuant to the authority of subpart B of part one of article\ntwenty-nine of the tax law.\n 10. "Covered organization" means any governmental agency, public\nauthority or public benefit corporation which receives or may receive\nmoneys directly, indirectly or contingently from the county, but\nexcluding the authority and (a) any other governmental agency, public\nauthority or public benefit corporation specifically exempted from the\nprovisions of this title by order of the authority upon application of\nsuch agency, public authority, or corporation to the authority or on the\nauthority's own motion upon a finding by the authority that such\nexemption does not materially affect the ability of the county to adopt\nand maintain a budget pursuant to the provisions of this title, or (b)\nany state public authority defined in section two hundred one of the\ncivil service law, unless specifically named above; provided, however,\nno municipality or school district shall be treated as a covered\norganization solely because it shares sales and compensating use tax\nrevenue with the county, provided further, that the authority may\nterminate any exemption granted by order of the authority pursuant to\nthis subdivision upon a determination that the circumstances upon which\nsuch exemption was granted are no longer applicable.\n 11. "Director of the budget" means the director of the budget of the\nstate.\n 12. "ECFSA assistance" means: (a) the proceeds of any deficit\nfinancing authorized by the authority; or (b) the amount of debt service\nsavings in a given county fiscal year generated from the proceeds of\nbonds, notes or other obligations of the authority made available to or\nfor the benefit of the county or any covered organization as determined\nby the authority, or some combination thereof pursuant to the provisions\nof sections thirty-nine hundred fifty-six and thirty-nine hundred\nfifty-seven of this title. Such assistance shall be made available only\nupon a declaration of need by the county pursuant to section thirty-nine\nhundred sixty-one of this title and the approval of the authority.\n 13. "Financeable costs" or "costs" means costs to finance (a) amounts\nnecessary to finance a portion of the operating costs of the county or\nany covered organization as provided in sections thirty-nine hundred\nfifty-six and section thirty-nine hundred fifty-seven of this title, to\nthe extent approved by the authority, (b) amounts necessary to\naccomplish a refunding, repayment or restructuring of all or a portion\nof the county's outstanding indebtedness or that of any covered\norganization, (c) cash flow needs of the county or any covered\norganization, (d) any object or purpose of the county or any covered\norganization, for which a period of probable usefulness is prescribed in\nsection 11.00 of the local finance law, including the costs of any\npreliminary studies, surveys, maps, plans, estimates and hearings, or\n(e) incidental costs, including, but not limited to, legal fees,\nprinting or engraving, publication of notices, taking of title,\napportionment of costs, and capitalized interest, insurance premiums,\ncosts related to items authorized in subdivisions seven through nine of\nsection thirty-nine hundred fifty-four of this title or any underwriting\nor other costs incurred in connection with the financing thereof;\nprovided however that, to the maximum extent practicable, all\nfinanceable costs shall not adversely affect the requirements of\nsubdivision two of section thirty-nine hundred fifty-eight of this\ntitle.\n 14. "Financial plan" means the financial plan of the county and the\ncovered organizations to be developed pursuant to section thirty-nine\nhundred fifty-seven of this title, as from time to time amended.\n 15. "Legislature" means the legislature of the county.\n 16. "Major operating funds" means the county general fund, the social\nservices fund, the county road fund, the capital fund, the debt service\nfund, the sewer fund, together with any other funds of the county or a\ncovered organization from time to time designated by the authority.\n 17. "Presiding officer" means the presiding officer of the legislature\nelected pursuant to the rules of the legislature.\n 18. "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 ECFSA assistance expected to be\navailable for such fiscal year.\n 19. "Revenues" means revenues of the authority consisting of county\ntax revenues, state aid revenues, and all other 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.\n 20. "State" means the state of New York.\n 21. "State aid" means aid and incentives for municipalities, any\nsuccessor type of aid and any new aid appropriated by the state as local\ngovernment assistance for the benefit of the county.\n 22. "State aid revenues" means state aid paid by the state comptroller\nto the authority pursuant to this title.\n 23. "State comptroller" means the comptroller of the state.\n