New York · Through 2026-09-11

N.Y. Local Finance Law § 85.60: Modification of plan

§ 85.60 Modification of plan.  At any time prior to the entry of an
order approving or disapproving a repayment plan pursuant to section
85.40 of this title, the municipality, with the approval of its
financial emergency control board, or any such board with or without the
approval of the municipality, may file modifications thereof, subject to
the power of the court to enter an order prohibiting the filing of a
further modification if it finds, after a hearing, that such
modification or any prior modification or the repayment plan was not
filed in good faith. At any time subsequent to the entry of an order
approving a repayment plan, any such modifications may only be filed by
leave of the court, after a hearing. Upon the filing at any time of any
modification of a repayment plan, the court shall hold a hearing
pursuant to section 85.40 of this title and shall enter an order
continuing or extending such stay as may then be in effect pursuant to
section 85.30 or 85.40 of this title for such additional period of time
as may be required to permit the court to enter an order pursuant to
section 85.40 of this title with respect to the modified plan.

Where this section sits in the code

Local Finance Law
Article 2. Local Indebtedness
Title 6-A. Local Obligations: Financial Emergency; Condition Precedent to Claims; Stay of Claims; Repayment Plan For Municipality; Termination of Stay

§ 85.60 Modification of plan. At any time prior to the entry of an

order approving or disapproving a repayment plan pursuant to section

85.40 of this title, the municipality, with the approval of its

financial emergency control board, or any such board with or without the

approval of the municipality, may file modifications thereof, subject to

the power of the court to enter an order prohibiting the filing of a

further modification if it finds, after a hearing, that such

modification or any prior modification or the repayment plan was not

filed in good faith. At any time subsequent to the entry of an order

approving a repayment plan, any such modifications may only be filed by

leave of the court, after a hearing. Upon the filing at any time of any

modification of a repayment plan, the court shall hold a hearing

pursuant to section 85.40 of this title and shall enter an order

continuing or extending such stay as may then be in effect pursuant to

section 85.30 or 85.40 of this title for such additional period of time

as may be required to permit the court to enter an order pursuant to

section 85.40 of this title with respect to the modified plan.

Collected 2026-09-14T19:32:45Z. Source file · JSON

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