N.Y. Public Authorities Law § 1964-a: Financial records

§ 1964-a. Financial records. 1. The authority shall maintain books and

records in such form as may be prescribed by the state comptroller.

2. Annually within ninety days following the close of its fiscal year,

the authority shall prepare and file a financial report for that fiscal

year complying with the requirements of section eight hundred fifty-nine

of the general municipal law.

3. If the authority fails to file or substantially complete, as

determined by the state comptroller, the financial statement required by

section eight hundred fifty-nine of the general municipal law, the

penalties set forth in section eight hundred fifty-nine of the general

municipal law shall apply to the authority.

4. The authority shall mail or deliver to the chief executive officer

and the governing body of the city of Troy and make available for public

inspection and comment its proposed budget for the forthcoming fiscal

year, no later than twenty business days before adoption. At such time,

the authority shall file its proposed budget with the clerk of the city

of Troy. Such proposed budget shall contain detailed estimates of the

amount of revenues to be received and expenditures to be made during the

forthcoming fiscal year. Following its consideration of the comments

received, the authority may revise its budget accordingly and shall file

the revised budget with the clerk of the city of Troy.

5. Payments in lieu of taxes received by the authority shall be paid

over to each affected tax jurisdiction within thirty days of receipt.

6. Payments in lieu of taxes which are delinquent under the agreement

or which the authority fails to remit pursuant to subdivision five of

this section shall be subject to a late payment penalty of five percent

of the amount due which shall be paid by the project occupant (where

taxes are delinquent because of the occupant's failure to make the

required payment) or the agency (because of the agency's failure to

remit pursuant to subdivision five of this section) to the affected tax

jurisdiction at the time the payment in lieu of taxes is paid. For each

month, or part thereof, that the payment in lieu of taxes is delinquent

beyond the first month, interest shall accrue to and be paid by the

project occupant (where taxes are delinquent because of the occupant's

failure to make the required payment) or the agency (because of the

agency's failure to remit pursuant to subdivision five of this section)

to the affected tax jurisdiction on the total amount due plus a late

payment penalty in the amount of one percent per month until the payment

is made.

7. An affected tax jurisdiction which has not received a payment in

lieu of taxes due to it under an agreement may commence legal action in

any court of competent jurisdiction directly against any person, firm,

corporation, organization or agency which is obligated to make payments

in lieu of taxes under an agreement and has failed to do so. In such an

action, the affected tax jurisdiction shall be entitled to recover the

amount due, the late payment penalty, interest, expenses, costs and

disbursements together with the reasonable attorneys' fees necessary to

prosecute such action. Nothing herein shall be construed as providing an

affected tax jurisdiction with the right to sue and recover from an

agency which has not received payments in lieu of taxes from a project

occupant.

8. Any refinancing of a project shall be subject to the provisions of

section nineteen hundred fifty-three-a of this chapter, except where

such refinancing was previously approved pursuant to such section.

9. Agents of the authority and project operators shall annually file a

statement with the state department of taxation and finance, on a form

and in such a manner as is prescribed by the commissioner of taxation

and finance, of the value of all sales and use tax exemptions claimed by

such agents or agents of such agents or project operators, including,

but not limited to, consultants or subcontractors of such agents or

project operators under the authority granted pursuant to this section.

The penalty for failure to file such statement shall be removal of

authority to act as agent of the authority or project operator.