N.Y. Public Authorities Law § 3851: Definitions

§ 3851. Definitions. For the purposes of this title, unless the

context otherwise requires: 1. "Advisory period" means that period no

earlier than July first, two thousand six, after which the authority has

determined that (a) for each of the three immediately preceding city

fiscal years, the city has adopted and adhered to budgets covering all

expenditures, other than capital items, the results of which did not

show a deficit, without the use of any authority assistance, as provided

for under section thirty-eight hundred fifty-seven of this title, when

reported in accordance with generally accepted accounting principles and

(b) the comptroller and the state comptroller jointly certify that

securities were sold by the city during the immediately preceding city

fiscal year in the general public market and that there is a substantial

likelihood that such securities can be sold by the city in the general

public market from such date through the end of the next succeeding city

fiscal year in amounts that will satisfy substantially all of the

capital and cash flow requirements of the city during that period in

accordance with the financial plan then in existence. The joint

certification made by the comptroller and the state comptroller shall be

based on their separate written determinations which may take into

account a report and opinion of an independent expert in the marketing

of securities selected by the authority as well as other information

available to the comptrollers. Once begun, an advisory period shall

continue through June thirtieth, two thousand thirty-seven unless a

control period is imposed.

2. "Authority" or "Buffalo fiscal stability authority" or "BFSA" means

the public benefit corporation created by this title.

3. "BFSA assistance" means: (a) the amount of debt service savings in

a given city fiscal year generated from the proceeds of bonds, notes or

other obligations made available to or for the benefit of the city or

any covered organization as determined by the authority; or (b) the

proceeds of any deficit financing authorized by the authority, or some

combination thereof pursuant to the provisions of section thirty-eight

hundred fifty-seven of this title. Such assistance shall be made

available only upon a declaration of need by the city pursuant to

section thirty-eight hundred sixty-one of this title and the approval of

the BFSA board.

4. "Bonds, notes or other obligations" means bonds, notes and other

evidences of indebtedness, issued or incurred by the authority.

5. "Chief fiscal officer" means the chief fiscal officer of the city

as defined in section 2.00 of the local finance law.

6. "City" means the city of Buffalo.

7. "City charter" means the city government law of the city of

Buffalo, as amended.

8. "City tax revenues" means the portion of the county's "net

collections", as defined in section twelve hundred sixty-two of the tax

law, payable to the city under the agreement among the county, the city

and the cities of Lackawanna and Tonawanda entered into pursuant to the

authority of subdivision (c) of section twelve hundred sixty-two of the

tax law. In the event that the city imposes sales and compensating use

taxes pursuant to the authority of section twelve hundred ten of the tax

law, "city tax revenues" shall also include net collections from such

city taxes.

9. "Comptroller" means the comptroller of the city.

10. "Control period" means that period of time from the effective date

of this title, continuing until the authority determines that conditions

have been met as provided in subdivision one of this section and the

city qualifies for the onset of an advisory period. A control period may

be reimposed as determined by the authority in accordance with section

thirty-eight hundred fifty-eight of this title.

11. "Council" means the city council of the city of Buffalo.

12. "County" means the county of Erie.

13. "Covered organization" means the city school district, the joint

schools construction board of the city, as described in chapter six

hundred five of the laws of two thousand, as amended, and the Buffalo

municipal housing authority and any governmental agency, public

authority or public benefit corporation which receives or may receive

moneys directly, indirectly or contingently from the city, but excluding

the authority and (a) any other 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 on the authority's

own motion upon a finding by the authority that such exemption does not

materially affect the ability of the city to adopt and maintain a budget

pursuant to the provisions of this title, or (b) any state public

authority defined in section two hundred one of the civil service law,

unless specifically named above; 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.

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

state.

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

necessary to accomplish a refunding, repayment or restructuring of a

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

organization, (b) cash flow needs of the city or any covered

organization, (c) any object or purpose of the city or any covered

organization, for which a period of probable usefulness is prescribed in

section 11.00 of the local finance law, including the costs of any

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

amounts necessary to finance a portion of the operating costs of the

city or any covered organization as provided in section thirty-eight

hundred fifty-seven of this title, to the extent approved by the

authority, or (e) 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 nine of

section thirty-eight hundred fifty-four of this title or any

underwriting or other costs incurred in connection with the financing

thereof; provided however that, to the maximum extent practicable, all

financeable costs shall not adversely affect the requirements of

subdivision two of section thirty-eight hundred sixty-nine of this

title.

16. "Financial plan" means the financial plan of the city and the

covered organizations to be developed pursuant to section thirty-eight

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

17. "Major operating funds" means the city general fund, the board of

education general fund, the city enterprise funds, the board of

education special project funds, together with any other funds of the

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

authority.

18. "Mayor" means the mayor of the city.

19. "Presiding officer" means the presiding officer of the council

elected pursuant to the rules of the council.

20. "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 city 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 BFSA assistance expected to be available

for such fiscal year.

21. "Revenues" means revenues of the authority consisting of city tax

revenues, school district tax revenues, state aid revenues, and all

other aid, rents, fees, charges, gifts, 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.

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

23. "State aid" means: all general purpose local government aid;

emergency financial assistance to certain cities; emergency financial

assistance to eligible municipalities; supplemental municipal aid; and

any successor type of aid and any new aid appropriated by the state as

local government assistance for the benefit of the city.

24. "State aid revenues" means state aid paid by the state comptroller

to the authority pursuant to this title.

25. "State comptroller" means the comptroller of the state.

26. "School district tax revenues" means the portion of the county's

"net collections," as defined in section twelve hundred sixty-two of the

tax law, payable to the city's dependent school district by the county

pursuant to the authority of subdivision (a) of section twelve hundred

sixty-two of the tax law.

27. "Cash flow borrowings" means:

(a) notes issued by the authority on behalf of the city, the city's

dependent school district or any other covered organization, the

proceeds of which are used to address temporary cash flow needs of the

city, the city's dependent school district or the applicable covered

organization; and

(b) bonds, notes and other obligations issued by the authority to

refund notes of the authority described in paragraph (a) of this

subdivision.

28. "Obligations of the city" means bonds, notes and other evidences

of indebtedness issued or incurred by the city.