N.Y. Public Authorities Law § 2673: Audit, annual report, county approval of certain projects

§ 2673. Audit, annual report, county approval of certain projects. 1.

The accounts of the authority shall be subject to the supervision of the

state comptroller and an annual audit shall be performed by an

independent certified public accountant. The authority shall annually

submit to the county legislature, governor, state comptroller,

chairperson of the senate finance committee, and chairperson of the

assembly ways and means committee a detailed report pursuant to the

provisions of section twenty-eight hundred of this chapter, and a copy

of such report shall be filed with the clerk of the county legislature.

2. The authority shall not undertake any project unless it shall have

first been approved by a majority vote of the county legislature. The

provisions of this subdivision shall not apply, and no approval of the

county legislature shall be necessary, when: (a) the direct expenditure

of funds used to complete such project is not anticipated to exceed ten

million dollars in funds derived from the authority's share of the

dedicated net collections described in subdivision nine of section

twenty-six hundred sixty-one of this title, and the interest on

one-third or less of bonds or notes that shall be issued for such

project pursuant to this title shall be includable, under the United

States Internal Revenue Code of 1986, as amended, or any subsequent

corresponding internal revenue law of the United States, in gross income

of the holders of the bonds or notes to the same extent and in the same

manner that the interest on bills, bonds, notes or other obligations of

the United States is includable in the gross income of the holders

thereof under the code or any of the subsequent laws; or (b)

notwithstanding the provisions of paragraph (a) of this subdivision, no

bonding is necessary; or (c) notwithstanding the provisions of paragraph

(a) of this subdivision, solely where the action of the authority is

site acquisition, site preparation or infrastructure development.