N.Y. Public Authorities Law § 3060: Remedies of the corporation

§ 3060. Remedies of the corporation. 1. The corporation shall cause

each proposed budget, including related revenue estimates, submitted to

it pursuant to subdivision four of section three thousand fifty-eight of

this title, and each proposed modification furnished to it pursuant to

subdivision four of such section and each expenditure plan and

operations report submitted to it pursuant to subdivision six of such

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

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

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

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

budgets will not be balanced in accordance with the provisions of

subdivision five of section three thousand fifty-eight of this title,

either by its terms or because revenue is overestimated or expenditures

are underestimated therein, or that a report of proposed modification

pursuant to subdivision five of section three thousand fifty-eight of

this title reflects that the budgets would thereafter not be balanced in

accordance with the provisions of subdivision four of section three

thousand fifty-eight of this title, 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 chief

executive officer 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 chief executive officer pursuant to subdivision two of

this section that the corrective action necessary to cause compliance

with the conditions of section three thousand fifty-eight of this title

will not be taken, or determines as a result of a review made pursuant

to section three thousand fifty-nine of this title or otherwise that the

city is not in compliance with any of the conditions imposed pursuant to

section three thousand fifty-eight of this title 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 chief executive officer, the

city council and the city comptroller and shall disclose such

determination to the public.

4. The remedies described 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.