§ 2.
(a)Notwithstanding anything in this act to the contrary, the\ncity of Troy, Rensselaer county, shall not authorize the issuance of any\nbonds or bond anticipation notes for the purpose of liquidating the\ncumulative deficit in its general fund at the close of the fiscal year\nended December 31, 1993 until the amount of such deficit is determined\nby the state comptroller. The city shall prepare a report detailing the\namount and cause of such deficit within thirty days from the effective\ndate of this act and shall submit such report to the state comptroller.\nWithin thirty days after receiving such report, the state comptroller\nshall perform such reviews as may be necessary to determine the amount\nof such deficit. Bonds or bond anticipation notes to liquidate such\ndeficit shall
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§ 2. (a) Notwithstanding anything in this act to the contrary, the\ncity of Troy, Rensselaer county, shall not authorize the issuance of any\nbonds or bond anticipation notes for the purpose of liquidating the\ncumulative deficit in its general fund at the close of the fiscal year\nended December 31, 1993 until the amount of such deficit is determined\nby the state comptroller. The city shall prepare a report detailing the\namount and cause of such deficit within thirty days from the effective\ndate of this act and shall submit such report to the state comptroller.\nWithin thirty days after receiving such report, the state comptroller\nshall perform such reviews as may be necessary to determine the amount\nof such deficit. Bonds or bond anticipation notes to liquidate such\ndeficit shall not be issued in an amount exceeding the amount of such\ndeficit as determined by the state comptroller.\n (b) Notwithstanding anything in this act to the contrary the city of\nTroy, Rensselaer county, shall not authorize the issuance of any bonds\nfor the purpose of liquidating the projected deficit to be incurred in\nits general fund during the fiscal year ending December 31, 1994 until\nthe existence of such deficit is identified and the amount of such\ndeficit is determined by the state comptroller. The city shall prepare a\nreport detailing the amount and cause of such deficit within thirty days\nafter the end of its fiscal year ending December 31, 1994, and shall\nsubmit such report to the state comptroller. Within thirty days after\nreceiving such report, the state comptroller shall perform such reviews\nas may be necessary to determine the existence and amount of such\ndeficit. Bonds to liquidate such deficit shall not be issued in an\namount exceeding the amount of such deficit as determined by the state\ncomptroller. Nothing herein provided shall prevent such city from\nauthorizing the issuance of bond anticipation notes in an amount not to\nexceed fourteen million three hundred seventy-five thousand dollars for\nthe purpose of liquidating such deficit prior to a determination by the\nstate comptroller of the amount of such deficit. In the event that bond\nanticipation notes are issued in an amount in excess of the amount of\nsuch deficit as determined by the state comptroller, such city shall\nredeem, from funds other than the proceeds of bonds or bond anticipation\nnotes, such bond anticipation notes in the amount by which the amount of\nsuch bond anticipation notes exceeds the amount of such deficit as\ndetermined by the state comptroller.\n