N.Y. City of Troy Issuance of Serial Bonds § 1-a: Definitions

§ 1-a. Definitions. As used in this act, the following words and terms

shall have the following meanings unless the context shall indicate

another or different meaning or intent.

(a) "Available funds" means at any date the amounts in the supervisory

board fund which are then available, as determined by the supervisory

board, to be applied to the purposes stated in subparagraph (ii) of

paragraph (d) of section eight of this act after provision has been made

for the application of amounts in the supervisory board fund for the

purposes stated in subparagraph (i) of paragraph (d) of section eight of

this act.

(b) "Chief executive officer" means the chief executive officer of the

city of Troy as defined in paragraph 5-a of section 2.00 of the local

finance law.

(c) "Covered organization" means any governmental agency, public

authority or public benefit corporation which receives or may receive

moneys directly, indirectly or contingently, (other than moneys received

for the sale of goods or the rendering of services or the loan of moneys

to the city of Troy) from the city of Troy but excluding the municipal

assistance corporation for the city of Troy created pursuant to title 4

of article 10 of the public authorities law.

(d) "Emergency period" means the period of time from the effective

date of this act until the date when (a) the board shall determine,

based on annual audit reports furnished in accordance with this act,

that for each of the three immediately preceding fiscal years, the city

has adopted and adhered to budgets covering all expenditures the results

of which did not show a deficit when reported in accordance with

generally accepted accounting principles subject to the provisions of

this act and (b) the comptroller of the state and the chief fiscal

officer jointly shall certify that securities sold by or for the benefit

of the city during the fiscal year immediately preceding such date and

the then current fiscal year in the general public market satisfied the

financing requirements of the city during such period and that there is

a substantial likelihood that such securities can be sold in the general

public market from such date through the end of the next succeeding

fiscal year in amounts which will satisfy substantially all of the

capital and seasonal financing requirements of the city during such

period in accordance with the financial plan then in effect. The board

shall reimpose an emergency period upon a determination at any time that

any of the following events has occurred or that there is a substantial

likelihood and imminence of such occurrence: (i) the city shall have

failed to pay the principal of or interest on any of its bonds or notes

when due or payable (other than notes held by the municipal assistance

corporation for the city of Troy to the extent that such corporation has

evidenced its intention not to present such notes for payment during the

fiscal year in which the determination is made), (ii) the city shall

have incurred a budget deficit of one percent or more during its fiscal

year in the results of operations covered by a budget covering all

expenditures as reported in accordance with generally accepted

accounting principles, subject to the provisions of this act, (iii) the

city shall have otherwise violated any provision of this act and such

violation substantially impairs the ability of the city to pay principal

of or interest on its bonds or notes when due and payable or its ability

to adopt or adhere to a budget covering all expenditures balanced in

accordance with this act or (iv) the comptroller's and the chief fiscal

officer's joint certification at any time, at the request of the board

or on the comptroller's and the chief fiscal officer's joint initiative,

which joint certification shall be made from time to time as promptly as

circumstances warrant and reported to the board, that on the basis of

facts existing at such time they could not make the joint certification

described by clause (b) of the preceding sentence. The board shall

terminate any such reimposed emergency period when it determines that

none of the conditions which would permit the board to reimpose an

emergency period exist. After termination of an emergency period the

board shall annually consider items (i) through (iv) above and determine

whether, in its judgment, any of the events described in such items have

occurred and the board shall publish each such determination. Each such

joint certification made by the comptroller and chief fiscal officer

hereunder shall be based on their separate written determinations which

shall take into account a report and opinion of an independent expert in

the marketing of municipal securities selected by the board as well as

any other information which may be available to each comptroller and

each such separate written determination by the comptrollers shall have

annexed thereto the report and opinion of such expert and any other

information taken into account and shall be made public when delivered

to the board. Notwithstanding any part of the foregoing to the contrary,

in no event shall any emergency period continue beyond (a) January 1,

2030 or (b) the date when all bonds and notes are refunded, discharged

or otherwise defeased.

(e) "Financial plan" means the financial plan of the city of Troy and

the covered organizations to be developed during any emergency period

pursuant to section six of this act, as from time to time amended.

(f) "Revenues" means all taxes, federal and state aid, rents, fees,

charges, payments, all proceeds from borrowings and other income and

receipts paid or payable to or for the account of the city of Troy or

any of the covered organizations.

(g) "Supervisory board fund" means the supervisory board fund for the

city of Troy established pursuant to subdivision (a) of section eight of

this act, as from time to time amended.

(h) "Fund" means the general debt service fund established pursuant to

section eight-a of this act.

(i) "State financing agency" means the municipal assistance

corporation for the city of Troy or its successor.