N.Y. Public Authorities Law § 3014: Conditions on payment of funds to or purchase of obligations of municipality

§ 3014. Conditions on payment of funds to or purchase of obligations

of municipality. 1. A corporation shall require, in connection with any

payment of funds to, or purchase or exchange of the obligations of, the

municipality being assisted, or the extension of other benefits thereto,

that such municipality agree to observe such conditions with respect to

expenditure control, record keeping, accounting, budgeting, financial

management and other practices of such municipality as may be set forth

in or permitted under the special law creating such corporation. Such

agreement may provide such remedies for failure to observe such

conditions as shall be necessary or desirable to accomplish the purposes

of this article and such special law and are authorized or permitted

thereunder.

2. Notwithstanding the provisions of any other law, general, special

or local, inconsistent with the provisions hereof, any municipality may

sell notes and bonds authorized to be issued pursuant to the local

finance law by private sale to the corporation or to receive moneys from

the corporation as herein provided and such municipality is hereby

authorized to agree to and undertake any agreements made pursuant to the

terms hereof.