N.Y. Public Authorities Law § 3951: Definitions

§ 3951. Definitions. For the purposes of this title, unless the

context otherwise requires: 1. "Advisory period" means a period of time

from the effective date of this title until the date when (a) the

authority shall determine that for each fiscal year, through and

including fiscal year two thousand twelve, that the county has adopted

and adhered to budgets covering all expenditures the results of which do

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 comptroller shall certify that securities

were 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 cash flow requirements of

the county during such period in accordance with the financial plan then

in effect.

2. "Authority" or "Erie county fiscal stability authority" or "ECFSA"

means the public benefit corporation created by this title.

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

evidences of indebtedness, issued or incurred by the authority.

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

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

accordance with section thirty-nine hundred fifty-nine of this title.

6. "County" means Erie county.

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

amended.

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

9. "County tax revenues" means net collections set aside for county

purposes pursuant to subdivision (a) of section twelve hundred sixty-two

of the tax law, from the county's sales and compensating use taxes

imposed pursuant to the authority of subpart B of part one of article

twenty-nine of the tax law.

10. "Covered organization" means any 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 (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 county 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,

no municipality or school district shall be treated as a covered

organization solely because it shares sales and compensating use tax

revenue with the county, provided further, 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. "ECFSA assistance" means: (a) the proceeds of any deficit

financing authorized by the authority; or (b) the amount of debt service

savings in a given county fiscal year generated from the proceeds of

bonds, notes or other obligations of the authority made available to or

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

by the authority, or some combination thereof pursuant to the provisions

of sections thirty-nine hundred fifty-six and thirty-nine hundred

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

upon a declaration of need by the county pursuant to section thirty-nine

hundred sixty-one of this title and the approval of the authority.

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

necessary to finance a portion of the operating costs of the county or

any covered organization as provided in sections thirty-nine hundred

fifty-six and section thirty-nine hundred fifty-seven of this title, to

the extent approved by the authority, (b) amounts necessary to

accomplish a refunding, repayment or restructuring of all or a portion

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

organization, (c) cash flow needs of the county or any covered

organization, (d) any object or purpose of the county 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, 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-nine 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-nine hundred fifty-eight of this

title.

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

covered organizations to be developed pursuant to section thirty-nine

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

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

16. "Major operating funds" means the county general fund, the social

services fund, the county road fund, the capital fund, the debt service

fund, the sewer fund, together with any other funds of the county or a

covered organization from time to time designated by the authority.

17. "Presiding officer" means the presiding officer of the legislature

elected pursuant to the rules of the legislature.

18. "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 ECFSA assistance expected to be

available for such fiscal year.

19. "Revenues" means revenues of the authority consisting of county

tax revenues, state aid revenues, and all other 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.

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

21. "State aid" means aid and incentives for municipalities, any

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

government assistance for the benefit of the county.

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

to the authority pursuant to this title.

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