N.Y. Public Authorities Law § 3651: Definitions

§ 3651. Definitions. For the purposes of this title, unless the

context otherwise requires:

1. "Authority" or "Nassau county interim finance authority" means the

public benefit corporation created by this title.

2. "Bonds" means bonds, notes and other evidences of indebtedness,

issued or incurred by the authority.

3. "Chief fiscal officer" means the chief fiscal officer of the county

as defined in the county charter.

4. "Comptroller" means the comptroller of the county.

5. "Control period" means a period determined by the authority in

accordance with section thirty-six hundred sixty-nine of this title.

6. "County" means the county of Nassau.

7. "County charter" means the county government law of Nassau county,

as amended.

8. "County executive" means the county executive of the county.

9. "County tax revenues" means (a) that portion of tax revenues that

is deducted and withheld for transfer and credit by the authority to the

county of Nassau revenue anticipation note withholding fund established

by the authority and (b) the balance of tax revenues transferred by the

authority to the county, pursuant to section thirty-six hundred

fifty-seven of this title.

10. "Covered organization" means the Nassau health care corporation,

and any other governmental agency, public authority or public benefit

corporation which receives or may receive moneys directly, indirectly or

contingently from the county, but excluding the authority and (i) any

governmental agency, public authority or public benefit corporation

specifically exempted from the provisions of this title by order of the

authority upon application of such agency, public authority, or

corporation to the authority or at the authority's own motion upon a

finding by the authority that such exemption does not materially affect

the ability of the county to adopt and maintain a budget pursuant to the

provisions of this title, and provided that at the time of such

exemption, there shall have been and during the period of such exemption

there shall be an annual audit by a nationally recognized independent

certified public accounting firm or consortium of firms, one of which

shall be a nationally recognized firm, of the covered organization's

financial statements performed in accordance with generally accepted

auditing standards and report by such auditor thereon which includes an

opinion that the financial statements so audited have been prepared in

accordance with generally accepted accounting principles and such other

information as such auditors deem appropriate, (ii) any state public

authority as defined in section two hundred one of the civil service

law, unless specifically named above, or (iii) any governmental agency,

authority, commission or instrumentality created by compact or agreement

between the state of New York and another state or states; provided,

however, that the authority may terminate any exemption granted by order

of the authority pursuant to this subdivision upon a determination that

the circumstances upon which such exemption was granted are no longer

applicable.

11. "Director of the budget" means the director of the budget of the

state.

12. "Financeable costs" or "costs" means costs to finance (a) amounts

necessary to accomplish a refunding, repayment or restructuring of a

portion of the county's outstanding indebtedness or that of any covered

organization, (b) cash flow needs of the county, (c) tax certiorari

settlements and judgments of any kind to which the county is a party,

(d) appropriated capital costs of the county, including the costs of any

preliminary studies, surveys, maps, plans, estimates and hearings, (e)

amounts necessary to finance any county deficit, to the extent

authorized by state law, or (f) incidental costs, including, but not

limited to, legal fees, printing or engraving, publication of notices,

taking of title, apportionment of costs, and capitalized interest,

insurance premiums, costs related to items authorized in subdivisions

seven through ten of section thirty-six hundred fifty-four of this title

or any underwriting or other costs incurred in connection with the

financing thereof.

13. "Financial plan" means the financial plan of the county and the

covered organizations to be developed pursuant to section thirty-six

hundred sixty-seven of this title, as from time to time amended.

14. "Interim finance period" means the period of time from the

effective date of this title until the date when (a) the authority shall

determine, based on annual audit reports furnished in accordance with

this title, that for each fiscal year, through and including fiscal year

two thousand eight, that the county has adopted and adhered to budgets

covering all expenditures the results of which did not show a major

operating funds deficit when reported in accordance with generally

accepted accounting principles, subject to the provisions of this title,

and shall further determine that in the then current fiscal year there

is a substantial likelihood that the results of the county's operations

will not show a deficit in the major operating funds when so reported

and (b) the chief fiscal officer shall certify that securities sold by

or for the benefit of the county during the fiscal year immediately

preceding such date and the then current fiscal year in the general

public market satisfied the financing requirements of the county during

such period and that there is a substantial likelihood that such

securities can be sold in the general public market from such date

through the end of the next succeeding fiscal year in amounts which will

satisfy substantially all of the capital and seasonal financing

requirements of the county during such period in accordance with the

financial plan then in effect.

15. "Legislature" means the legislature of the county.

16. "Major operating funds" means the general fund, the police

district fund, the police headquarters fund, the county parks fund and

the fire prevention fund of the county, together with any other funds of

the county or a covered organization from time to time designated by the

authority.

17. "NCIFA assistance" means the amount of debt service savings in a

given fiscal year generated from the proceeds of bonds made available to

or for the benefit of the county or any covered organization as

determined by the authority.

18. "Presiding officer" means the presiding officer of the

legislature, elected pursuant to the rules of the legislature.

19. "Projected gap" means the excess, if any, of annual aggregate

projected expenditures over annual aggregate projected revenues for the

major operating funds in each year of a financial plan as determined by

the county and certified by the authority. For purposes of determining

the projected gap in each fiscal year, annual aggregate projected

revenues shall not include the amount of NCIFA assistance or

transitional state aid expected to be available for such fiscal year.

20. "Public corporation" means and includes the county, the state and

every public corporation as defined in the general construction law.

21. "Revenues" means the tax revenues and all aid, rents, fees,

charges, payments and other income and receipts paid or payable to the

authority or a trustee for the account of the authority to the extent

such amounts are pledged to bondholders, but in no event shall revenues

include any transitional state aid.

22. "State" means the state of New York.

23. "Tax revenues" means sales and compensating use tax net

collections paid or payable to the authority pursuant to section twelve

hundred sixty-one of the tax law.

24. "Transitional state aid" means any state aid appropriated to the

authority for the benefit of the county for (a) unrestricted aid

purposes and (b) the purpose of assisting the county in streamlining the

tax certiorari claims process and eliminating the need to borrow for

such costs.