§ 3961 — Declaration of need for financing assistance to the county

New York § 3961

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Erie County Fiscal Stability Authority
• Art. 10-D: Miscellaneous Authorities

Text

§ 3961. Declaration of need for financing assistance to the county. 1.\nThe county shall determine and declare whether it requests the authority\nto undertake a financing of costs for the county or any covered\norganization. Any such request shall be made by and through the county\nexecutive after approval by the legislature. Any such financing shall be\nconsistent with the adopted budget and financial plan of the county\nrequired under sections thirty-nine hundred fifty-six and thirty-nine\nhundred fifty-seven of this title, as applicable.\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, for itself or on\nbehalf of any covered organization, as applicable, and the county,\nacting by the county executive, and approved by the legislature, may\nenter into agreements with the authority in accordance with the\nprovisions of this title as to the financing of costs by the authority,\nthe application of revenues to secure the authority's bonds, notes or\nother obligations, and further assurances in respect of the authority's\nreceipt of such revenues and the fiscal affairs of the county, including\nbut not limited to the manner of preparation of budget reports and\nfinancial plans as provided for in sections thirty-nine hundred\nfifty-six and thirty-nine hundred fifty-seven of this title, as\napplicable. The authority's revenues shall not be deemed funds of the\ncounty. Any such agreements with the county may be pledged by the\nauthority to secure its bonds, notes or other obligations and may not be\nmodified thereafter except as provided by the terms of the pledge or\nsubsequent agreements with the holders of such obligations.\n 4. Such agreements with the county 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 county, for\nitself or on behalf of any covered organization, as applicable; (d)\nwhere appropriate, provide for the payment of such costs by the county\nunder such contracts as shall be awarded by the county or for the county\nto make a capital contribution of such proceeds as county funds to\nanother entity for the payment or reimbursement of such costs; and (e)\nrequire every contract entered into by the county, or another entity\nreceiving funds from the county, for costs to be financed in whole or in\npart by the authority to be subject to the provisions of the county\ncharter and other applicable laws governing contracts of the county or\nsuch 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 county executive shall report to the authority, the comptroller, the\nlegislature, the state comptroller, the chairs of the state senate\nfinance committee and the state assembly ways and means committee, and\nthe director of the budget on the costs financed by the authority and\nthe amount of such financing over the past year, which report shall\ndescribe, by reference to the specific items in the county's budget or\nfinancial plan, its compliance therewith.\n