N.Y. Public Authorities Law § 3860: Additional provisions

§ 3860. Additional provisions. 1. Notwithstanding any provision to the

contrary in title six-A of article two of the local finance law, neither

the city nor any covered organization shall file any petition authorized

by such title six-A without the approval of the authority and the state

comptroller. No such petition shall be filed as long as any bonds, notes

or other obligations issued by the authority remain outstanding. Failure

of the authority or the state comptroller to notify the city or a

covered organization within thirty days (or such additional time, not

exceeding thirty days, as the authority or state comptroller shall have

notified the city or covered organization that it requires to complete

its review) after submission to it of a petition shall be deemed to

constitute authority or state comptroller approval thereof.

2. Nothing contained in this title shall limit the right of the city

or any covered organization to comply with the provisions of any

existing contract within or for the benefit of the holders of any bonds

or notes of the city or such covered organization.

3. Nothing contained in this title shall be construed to limit the

power of the city or a covered organization to determine, from time to

time, within available funds for the city or for such covered

organization, the purposes for which expenditures are to be made by the

city or such covered organization and the amounts of such expenditures,

consistent with the aggregate expenditures then permitted under the

financial plan for the city or such covered organization.

4. The authority's fiscal year shall be July first through June

thirtieth.

5. The authority shall adopt guidelines for procurement contracts in

accordance with section twenty-eight hundred seventy-nine of this

chapter.