N.Y. Public Authorities Law § 3856: City fiscal year two thousand three--two thousand four budget modification and four-year financial plan

§ 3856. City fiscal year two thousand three--two thousand four budget

modification and four-year financial plan. 1. Not later than September

first, two thousand three, the city shall submit to the authority a

financial plan which may reflect a declaration of need as provided for

in section thirty-eight hundred sixty-one. The plan shall cover the

city's two thousand three--two thousand four fiscal year and the three

subsequent fiscal years.

2. Not later than fifteen days after such submission, the authority

shall approve or disapprove the financial plan.

3. In the event the authority shall disapprove such financial plan

based on disapproval of certain actions or assumptions, the authority

shall promptly thereafter notify the city of its reasons. Within fifteen

days from the receipt of such notification the city shall modify the

financial plan, and unless such financial plan modification is approved

by the authority, the authority shall impose a financial plan of its own

formulation as soon as practicable, as provided for in section

thirty-eight hundred fifty-eight of this title.