N.Y. City of Troy Issuance of Serial Bonds § 2: No title

§ 2. (a) Notwithstanding anything in this act to the contrary, the

city of Troy, Rensselaer county, shall not authorize the issuance of any

bonds or bond anticipation notes for the purpose of liquidating the

cumulative deficit in its general fund at the close of the fiscal year

ended December 31, 1993 until the amount of such deficit is determined

by the state comptroller. The city shall prepare a report detailing the

amount and cause of such deficit within thirty days from the effective

date of this act and shall submit such report to the state comptroller.

Within thirty days after receiving such report, the state comptroller

shall perform such reviews as may be necessary to determine the amount

of such deficit. Bonds or bond anticipation notes to liquidate such

deficit shall not be issued in an amount exceeding the amount of such

deficit as determined by the state comptroller.

(b) Notwithstanding anything in this act to the contrary the city of

Troy, Rensselaer county, shall not authorize the issuance of any bonds

for the purpose of liquidating the projected deficit to be incurred in

its general fund during the fiscal year ending December 31, 1994 until

the existence of such deficit is identified and the amount of such

deficit is determined by the state comptroller. The city shall prepare a

report detailing the amount and cause of such deficit within thirty days

after the end of its fiscal year ending December 31, 1994, and shall

submit such report to the state comptroller. Within thirty days after

receiving such report, the state comptroller shall perform such reviews

as may be necessary to determine the existence and amount of such

deficit. Bonds to liquidate such deficit shall not be issued in an

amount exceeding the amount of such deficit as determined by the state

comptroller. Nothing herein provided shall prevent such city from

authorizing the issuance of bond anticipation notes in an amount not to

exceed fourteen million three hundred seventy-five thousand dollars for

the purpose of liquidating such deficit prior to a determination by the

state comptroller of the amount of such deficit. In the event that bond

anticipation notes are issued in an amount in excess of the amount of

such deficit as determined by the state comptroller, such city shall

redeem, from funds other than the proceeds of bonds or bond anticipation

notes, such bond anticipation notes in the amount by which the amount of

such bond anticipation notes exceeds the amount of such deficit as

determined by the state comptroller.