N.Y. Public Authorities Law § 3666: 2000 fiscal year budget modification

§ 3666. 2000 fiscal year budget modification. 1. The control period as

set forth in section thirty-six hundred sixty-nine of this title shall

be instituted on June thirtieth, two thousand, unless prior to such date

(a) the county executive, after approval by the legislature, shall have

submitted to the authority a modification to the county's budget for the

2000 fiscal year, as in effect on May tenth, two thousand; and (b) the

authority shall have determined that such modification when implemented

will ensure a reduction of the projected gap, through recurring or

nonrecurring actions, for the 2000 fiscal year and, together with any

budget modifications prior to May tenth, two thousand, through recurring

actions, for the three next succeeding fiscal years, in an amount not

less than fifty million dollars per year.

2. In order that such budget modification be effective on or before

June thirtieth, two thousand, the county executive shall within seven

days following the effective date of this title submit a proposed

modification to the legislature. Within seven days thereafter, the

legislature shall approve such modification or a substitute

modification. Upon approval by the legislature, the county executive

shall submit such modification to the authority. Not later than ten days

after such budget modification shall have been submitted to the

authority, the authority shall approve or disapprove such modification,

provided that the authority may approve such modification only upon its

determination that such modification when implemented will ensure such

reduction of the projected gap for each fiscal year as required by

subdivision one of this section.

3. In the event the authority shall disapprove such budget

modification based on disapproval of certain actions or assumptions, the

authority shall promptly thereafter notify the county executive of its

reasons. The county executive shall thereafter, after approval by the

legislature, resubmit a budget modification, based on actions or

assumptions other than those that have been disapproved by the

authority, for consideration by the authority and in sufficient time for

the authority to have a seven day review period prior to June thirtieth,

two thousand.