N.Y. Public Authorities Law § 3040: Remedies of the corporation

* § 3040. Remedies of the corporation. 1. The corporation shall cause

each proposed expense budget, including related revenue estimates,

submitted to it pursuant to subdivision four of section thirty hundred

thirty-eight of this chapter, each report on expense items in the

capital budget submitted to it pursuant to subdivision five of such

section, each proposed modification furnished to it pursuant to

subdivision six of such section and each expenditure plan and operations

report submitted to it pursuant to subdivision seven of such section, to

be reviewed promptly by the corporation's staff or designee.

2. If, within forty-five days after such receipt of a proposed expense

budget, report on expense items, expenditure plan or operations report,

or, if within thirty days after such receipt of a proposed modification,

the board of directors shall, in its judgment, determine that any such

expense budget will not be balanced in accordance with the provisions of

subdivision four of section three thousand thirty-eight, either by its

terms or because income is overestimated or expenditures are

underestimated therein, or that a report of proposed modification

pursuant to subdivision six of section three thousand thirty-eight of

this chapter reflects that the expense budget would thereafter not be

balanced in accordance with the provisions of subdivision four of

section three thousand thirty-eight, or that a condition imposed

pursuant to such section has not been met or will not be met, with

respect to such fiscal year, then the corporation shall promptly notify

the mayor of such determination and shall review with him the manner in

which corrective action may be taken in order to comply with such

conditions.

3. In the event that the board of directors determines, following

review with the mayor pursuant to subdivision two of this section that

the corrective action necessary to cause compliance with the conditions

of section thirty hundred thirty-eight of this chapter will not be

taken, or determines as a result of a review made pursuant to section

thirty hundred thirty-nine of this chapter or otherwise that the city is

not in compliance with any of the conditions imposed pursuant to section

thirty hundred thirty-eight of this chapter or that any representation

or undertaking contained in any certificate delivered pursuant to such

section is materially incorrect or has not been complied with in all

material respects, the corporation shall promptly certify a copy of such

determination of noncompliance to the governor, the legislature, the

state comptroller, the mayor, the board of estimate, the city council

and the city comptroller and shall disclose such determination to the

public.

4. The remedies described above in this section are not exclusive and,

in addition thereto, the corporation shall have and may exercise all

other rights and remedies provided by law.

* NB The corporation shall continue for a term ending the later of

July 1, 2008 or one year after its liabilities have been fully paid and

discharged per § 3033 sub 1.