N.Y. City of Troy Issuance of Serial Bonds § 4: No title

§ 4. (a) It is hereby determined that the financing of the deficits

hereinbefore described in section one of this act is an object or

purpose of said city of Troy which is a public purpose which the city of

Troy is hereby authorized to accomplish and for which indebtedness may

be incurred, the period of probable usefulness of which is hereby

determined to be twenty-five years, computed from the date of such bonds

or from the date of the first bond anticipation notes issued in

anticipation of the sale of such bonds, whichever date is earlier.

(b) It is hereby determined that the acquisition of all or a portion

of real or personal property leased by the city of Troy pursuant to one

or more lease agreements between the city of Troy and the Troy local

development corporation, including the payment of any judgments or

compromised or settled claims against the city relating thereto,

described in subdivision (c) of section one of this act, the closure of

the city's landfill and funding of capital projects are objects or

purposes of said city of Troy which are public purposes which the city

of Troy is hereby authorized to accomplish and for which indebtedness

may be incurred, the period of probable usefulness of which is hereby

determined to be thirty years, computed from the date of such bonds or

from the date of the first bond anticipation notes issued in

anticipation of the sale of such bonds, whichever is earlier. Such

bonds and/or bond anticipation notes shall be general obligations of the

city of Troy, to which the faith and credit of the city is pledged, and

such city shall make an annual appropriation sufficient to pay the

principal of and interest on such obligations as the same shall become

due.

(c) In lieu of issuing its general obligations, the city of Troy may

enter into one or more agreements for any municipal assistance

corporation created on behalf of said city pursuant to article 10 of the

public authorities law to pay all or a portion of the cost of

accomplishing any purpose described in subdivisions (a) and (b) of this

section or in section 3057 of the public authorities law. Any such

agreements shall provide that any payments from the city of Troy to said

municipal assistance corporation not represented by general obligation

bonds or notes shall be subject to annual appropriation by the city

council of the city of Troy in an amount corresponding to the scheduled

principal and interest payments on the corporation's bonds or notes

issued to provide the amount paid by the corporation to the city of Troy

pursuant to such agreement.

(d) (i) If an authorization for the issuance of obligations to finance

the purpose or purposes accomplished pursuant to an agreement would have

been required by law to be subject to a permissive or mandatory

referendum, then the authorization to enter into such agreement shall be

subject to a permissive or mandatory referendum, as the case may be, in

the same manner as provided for such referendum on the issuance of

obligations.

(ii) If the authorization for the issuance of obligations to finance

the purpose or purposes accomplished pursuant to an agreement would have

been required by law to be subject to:

(A) a certain supermajority vote of the governing board,

(B) a mandatory or permissive referendum, or

(C) both,

then the authorization to enter into such agreement shall be subject to

such vote, referendum or such referendum and vote, as the case may be,

in the same manner as provided for such vote and/or referendum on the

issuance of obligations.

(iii) If the authorization for the issuance of obligations would have

been subject to a referendum only if the obligations had a maturity of

more than five years or not less than some other minimum period, then

the authorization to enter into the agreement shall be subject to

referendum only if the term of the contract is equal to or more than

such minimum period of maturity.

Provided, however, that the provisions of this subdivision shall not

apply to any agreements for repayment of amounts paid to the city in

accordance with paragraph (d) of subdivision one of section three

thousand fifty-seven of the public authorities law.

(e) Any resolution of the city council of the city of Troy authorizing

the chief fiscal officer (as defined in the local finance law) of the

city of Troy to execute and deliver such an agreement may delegate to

such chief fiscal officer the power to prescribe the terms, form and

contents of any such agreement and any amendments or replacements

thereof.