N.Y. Public Authorities Law § 3961: Declaration of need for financing assistance to the county

§ 3961. Declaration of need for financing assistance to the county. 1.

The county shall determine and declare whether it requests the authority

to undertake a financing of costs for the county or any covered

organization. Any such request shall be made by and through the county

executive after approval by the legislature. Any such financing shall be

consistent with the adopted budget and financial plan of the county

required under sections thirty-nine hundred fifty-six and thirty-nine

hundred fifty-seven of this title, as applicable.

2. Upon declaration by the county of such need, the county executive

shall request that the authority provide financing in accordance with

the provisions of this title.

3. Upon approval by the authority, in its discretion in accordance

with the provisions of this title, of such financing request, the

authority may enter into agreements with the county, for itself or on

behalf of any covered organization, as applicable, and the county,

acting by the county executive, and approved by the legislature, may

enter into agreements with the authority in accordance with the

provisions of this title as to the financing of costs by the authority,

the application of revenues to secure the authority's bonds, notes or

other obligations, and further assurances in respect of the authority's

receipt of such revenues and the fiscal affairs of the county, including

but not limited to the manner of preparation of budget reports and

financial plans as provided for in sections thirty-nine hundred

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

applicable. The authority's revenues shall not be deemed funds of the

county. Any such agreements with the county may be pledged by the

authority to secure its bonds, notes or other obligations and may not be

modified thereafter except as provided by the terms of the pledge or

subsequent agreements with the holders of such obligations.

4. Such agreements with the county shall: (a) describe the particular

financeable costs to be financed in whole or in part by the authority;

(b) describe the plan for the financing of the costs; (c) set forth the

method by which and by whom and the terms and conditions upon which

money provided by the authority shall be disbursed to the county, for

itself or on behalf of any covered organization, as applicable; (d)

where appropriate, provide for the payment of such costs by the county

under such contracts as shall be awarded by the county or for the county

to make a capital contribution of such proceeds as county funds to

another entity for the payment or reimbursement of such costs; and (e)

require every contract entered into by the county, or another entity

receiving funds from the county, for costs to be financed in whole or in

part by the authority to be subject to the provisions of the county

charter and other applicable laws governing contracts of the county or

such entity, as the case may be.

5. At least annually, commencing no more than one year after the date

on which authority bonds, notes or other obligations are first issued,

the county executive shall report to the authority, the comptroller, the

legislature, the state comptroller, the chairs of the state senate

finance committee and the state assembly ways and means committee, and

the director of the budget on the costs financed by the authority and

the amount of such financing over the past year, which report shall

describe, by reference to the specific items in the county's budget or

financial plan, its compliance therewith.