§ 1-A — Definitions

New York § 1-A

• Jurisdiction: New York
• Law TRY: City of Troy Issuance of Serial Bonds

Text

§ 1-a. Definitions. As used in this act, the following words and terms\nshall have the following meanings unless the context shall indicate\nanother or different meaning or intent.\n (a) "Available funds" means at any date the amounts in the supervisory\nboard fund which are then available, as determined by the supervisory\nboard, to be applied to the purposes stated in subparagraph (ii) of\nparagraph (d) of section eight of this act after provision has been made\nfor the application of amounts in the supervisory board fund for the\npurposes stated in subparagraph (i) of paragraph (d) of section eight of\nthis act.\n (b) "Chief executive officer" means the chief executive officer of the\ncity of Troy as defined in paragraph 5-a of section 2.00 of the local\nfinance law.\n (c) "Covered organization" means any governmental agency, public\nauthority or public benefit corporation which receives or may receive\nmoneys directly, indirectly or contingently, (other than moneys received\nfor the sale of goods or the rendering of services or the loan of moneys\nto the city of Troy) from the city of Troy but excluding the municipal\nassistance corporation for the city of Troy created pursuant to title 4\nof article 10 of the public authorities law.\n (d) "Emergency period" means the period of time from the effective\ndate of this act until the date when (a) the board shall determine,\nbased on annual audit reports furnished in accordance with this act,\nthat for each of the three immediately preceding fiscal years, the city\nhas adopted and adhered to budgets covering all expenditures the results\nof which did not show a deficit when reported in accordance with\ngenerally accepted accounting principles subject to the provisions of\nthis act and (b) the comptroller of the state and the chief fiscal\nofficer jointly shall certify that securities sold by or for the benefit\nof the city during the fiscal year immediately preceding such date and\nthe then current fiscal year in the general public market satisfied the\nfinancing requirements of the city during such period and that there is\na substantial likelihood that such securities can be sold in the general\npublic market from such date through the end of the next succeeding\nfiscal year in amounts which will satisfy substantially all of the\ncapital and seasonal financing requirements of the city during such\nperiod in accordance with the financial plan then in effect. The board\nshall reimpose an emergency period upon a determination at any time that\nany of the following events has occurred or that there is a substantial\nlikelihood and imminence of such occurrence: (i) the city shall have\nfailed to pay the principal of or interest on any of its bonds or notes\nwhen due or payable (other than notes held by the municipal assistance\ncorporation for the city of Troy to the extent that such corporation has\nevidenced its intention not to present such notes for payment during the\nfiscal year in which the determination is made), (ii) the city shall\nhave incurred a budget deficit of one percent or more during its fiscal\nyear in the results of operations covered by a budget covering all\nexpenditures as reported in accordance with generally accepted\naccounting principles, subject to the provisions of this act, (iii) the\ncity shall have otherwise violated any provision of this act and such\nviolation substantially impairs the ability of the city to pay principal\nof or interest on its bonds or notes when due and payable or its ability\nto adopt or adhere to a budget covering all expenditures balanced in\naccordance with this act or (iv) the comptroller's and the chief fiscal\nofficer's joint certification at any time, at the request of the board\nor on the comptroller's and the chief fiscal officer's joint initiative,\nwhich joint certification shall be made from time to time as promptly as\ncircumstances warrant and reported to the board, that on the basis of\nfacts existing at such time they could not make the joint certification\ndescribed by clause (b) of the preceding sentence. The board shall\nterminate any such reimposed emergency period when it determines that\nnone of the conditions which would permit the board to reimpose an\nemergency period exist. After termination of an emergency period the\nboard shall annually consider items (i) through (iv) above and determine\nwhether, in its judgment, any of the events described in such items have\noccurred and the board shall publish each such determination. Each such\njoint certification made by the comptroller and chief fiscal officer\nhereunder shall be based on their separate written determinations which\nshall take into account a report and opinion of an independent expert in\nthe marketing of municipal securities selected by the board as well as\nany other information which may be available to each comptroller and\neach such separate written determination by the comptrollers shall have\nannexed thereto the report and opinion of such expert and any other\ninformation taken into account and shall be made public when delivered\nto the board. Notwithstanding any part of the foregoing to the contrary,\nin no event shall any emergency period continue beyond (a) January 1,\n2030 or (b) the date when all bonds and notes are refunded, discharged\nor otherwise defeased.\n (e) "Financial plan" means the financial plan of the city of Troy and\nthe covered organizations to be developed during any emergency period\npursuant to section six of this act, as from time to time amended.\n (f) "Revenues" means all taxes, federal and state aid, rents, fees,\ncharges, payments, all proceeds from borrowings and other income and\nreceipts paid or payable to or for the account of the city of Troy or\nany of the covered organizations.\n (g) "Supervisory board fund" means the supervisory board fund for the\ncity of Troy established pursuant to subdivision (a) of section eight of\nthis act, as from time to time amended.\n (h) "Fund" means the general debt service fund established pursuant to\nsection eight-a of this act.\n (i) "State financing agency" means the municipal assistance\ncorporation for the city of Troy or its successor.\n