N.Y. Public Authorities Law § 2784: County approval of capital projects

§ 2784. County approval of capital projects. 1. It is the intention of

the county to select and approve a specific airport redevelopment

program for the Albany county airport upon completion of the federal

aviation administration and New York state environmental review

processes initiated in January of nineteen hundred ninety-two by Albany

county for the Albany county airport development project, which project

is identified in the "Draft SEQR Environmental Impact Statement/FAA

Environmental Assessment prepared for the FAA/Eastern Region and the

Albany County Legislature," by Louis Berger & Associates, Inc. and which

two volume document was accepted as complete and adequate for public and

agency review by Resolution one hundred fifty-seven of nineteen hundred

ninety-three (March 8, 1993). The Albany county airport redevelopment

program will be determined by the Albany county legislature as part of

the adoption of a state environmental quality review act findings

statement for said environmental impact statement. The airport

redevelopment program referred to in this subdivision shall not be

subject to the provisions of subdivision two of this section.

2. No capital project, other than the redevelopment project described

in subdivision one of this section, shall be undertaken by the authority

unless it shall first have been approved by the county legislature as

part of a five-year capital program plan. For purposes of this section,

the term "capital project" shall be defined as the construction,

reconstruction or acquisition of airport or aviation facilities.

3. (a) On or before September first, nineteen hundred ninety-five, and

on or before September first of every fifth year thereafter, the

authority shall submit to the county legislature a capital projects plan

for the five year period commencing January first of the following year.

The plan shall set goals and objectives for capital spending and

describe each capital project proposed to be initiated in each of the

years covered by the plan. Each plan shall also set forth an estimate of

the amount of capital funding required each year and the expected

sources of such funding. Each plan subsequent to the first such plan and

each proposed amendment or modification thereof shall also describe the

current status of capital projects included in previously approved

plans.

(b) (1) A plan may be approved by the county legislature by a majority

vote of the members. If the plan is not voted on within ninety days of

its submission to the legislature, it shall be deemed approved;

provided, however, that the legislature may agree to extend the time

period in which it must vote on the plan.

(2) If the plan is not approved, the authority may thereafter

reformulate and resubmit for approval such plan at any time. If the

reformulated plan is not voted on within forty-five days of its

submission to the legislature, it shall be deemed approved; provided,

however, that the legislature may agree to extend the time period in

which it must vote on the reformulated plan.

(c) The authority may from time to time submit to the county

amendments or modifications to the plan. If the amendments or

modifications are not voted on within forty-five days of its submission

to the legislature, it shall be deemed approved; provided, however, that

the legislature may agree to extend the time period in which it must

vote on the amended or modified plan.

4. The disapproval of a plan by the county legislature shall not

affect: (a) the right of the authority to issue bonds or notes to

finance a capital project which was initiated prior to such disapproval

in conformity with a previously approved plan; (b) the right of the

authority to issue its bonds, notes, lease, sublease or other

contractual obligations in payment for a project initiated prior to such

disapproval in conformity with a previously approved plan; (c) the right

of the authority to issue bonds or notes to refund or otherwise repay

any of its outstanding bonds or notes or to fulfill any of their

obligations to the holders of any of their outstanding bonds or notes;

or (d) the right of the authority to issue its bonds, notes, lease,

sublease or other contractual obligations to refund or otherwise repay

any of its outstanding bonds or notes or to fulfill any of its

obligations to the holders of any of its outstanding bonds or notes.