{"data":{"id":"us-nyc/n.y.c.-admin.-code-l.l.-1986-021","jurisdiction":"us-nyc","citation":"N.Y.C. Admin. Code § L.L. 1986/021","heading":"L.L. 1986/021","body":"Enactment date: 6/25/1986\n\nInt. No. 615\n\nBy Council Member DeMarco (by request of the Mayor); also Council Members Castaneira-Colon and Maloney (Passed under a message of necessity from the Mayor)\n\nA Local Law in relation to dates for approval of the expense budget by the board of estimate and council, disapproval by the mayor of certain portions of the expense budget and override thereof, certification of the expense budget, adoption of the capital budget and program by the board of estimate and council, disapproval by the mayor of certain portions of the capital budget and program and override thereof, certification of the capital budget, certification of the assessment roll, the estimate by the mayor of receipts and submission of a statement setting forth the amount of the capital budget, and fixing of the tax rate, relating to the fiscal year nineteen hundred eighty-seven.\n\nBe it enacted by the Council as follows:\n\nSection 1. During the calendar year nineteen hundred eighty-six and in relation to the nineteen hundred eighty-seven fiscal year:\n\n1. Notwithstanding any inconsistent provisions of subdivision b of section one hundred twenty of the New York city charter or local law number six for the year nineteen hundred eighty-six, the single expense budget adopted pursuant to such subdivision shall be returned to the mayor not later than the earlier of:\n\na. four days after certification by the mayor that the New York state senate and assembly have adopted identical legislation authorizing the city of New York to impose a tax on the transfer of shares of stock in a cooperative housing corporation where the owner held such shares in connection with residential use, identical legislation authorizing the city of New York to impose a tax on gains derived from certain real property transfers, and identical legislation authorizing the city of New York to impose a tax pursuant to the authorization contained in section two hundred fifty-three-a of the tax law in connection with the filing of a financing statement under article nine of the uniform commercial code where the collateral described in such statement is shares of stock in a cooperative housing corporation, or\n\nb. the twenty-sixth day of June, nineteen hundred eighty-six.\n\n2. Notwithstanding any inconsistent provisions of subdivision c of section one hundred twenty of such charter or such local law number six, if a single expense budget has not been adopted as described in such subdivision by the date by which such budget shall be returned to the mayor in accordance with subdivision one of this section, the expense budget and tax rate adopted as modified for the nineteen hundred eighty-six fiscal year shall be deemed to have been extended for the nineteen hundred eighty-seven fiscal year until such time as a new budget is adopted.\n\n3. Notwithstanding any inconsistent provisions of subdivision a of section one hundred twenty-one of such charter or such local law number six, the mayor may pursuant to such subdivision disapprove certain parts of the expense budget as therein described not later than one day after the date by which the single expense budget shall be returned to the mayor in accordance with subdivision one of this section and shall return the expense budget to the board of estimate and the council setting forth his objections in writing by that day.\n\n4. Notwithstanding any inconsistent provisions of subdivision b of section one hundred twenty-one of such charter or such local law number six, the board of estimate and the council shall pursuant to such subdivision act and the expense budget shall be adopted no later than four days after the date by which the single expense budget shall be returned to the mayor in accordance with subdivision one of this section.\n\n5. Notwithstanding any inconsistent provisions of section one hundred twenty-two of such charter or such local law number six, the mayor, comptroller and city clerk shall pursuant to such section certify the expense budget as described in such section one hundred twenty-two not later than four days after the date by which the expense budget shall be returned to the mayor in accordance with subdivision one of this section.\n\n6. Notwithstanding any inconsistent provisions of subdivision a of section two hundred twenty-two of such charter or such local law number six, the single budget and single capital program shall be returned to the mayor not later than the earlier of:\n\na. four days after certification by the mayor that the New York state senate and assembly have adopted identical legislation authorizing the city of New York to impose a tax on the transfer of shares of stock in a cooperative housing corporation where the owner held such shares in connection with residential use, identical legislation authorizing the city of New York to impose a tax on gains derived from certain real property transfers, and identical legislation authorizing the city of New York to impose a tax pursuant to the authorization contained in section two hundred fifty-three-a of the tax law in connection with the filing of a financing statement under article nine of the uniform commercial code where the collateral described in such statement is shares of stock in a cooperative housing corporation, or\n\nb. the twenty-sixth day of June, nineteen hundred eighty-six.\n\n7. Notwithstanding any inconsistent provisions of subdivision b of section two hundred twenty-two of such charter or such local law number six, if a single capital budget and single capital program have not been adopted as described in such subdivision by the date by which the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision five of this section, they shall be deemed adopted so far as acted on by both bodies with the lower amount of any item in dispute between the two bodies in effect.\n\n8. Notwithstanding any inconsistent provisions of subdivision b of section two hundred twenty three of such charter or such local law number six, the mayor may pursuant to such subdivision disapprove certain parts of the capital budget or capital program as therein described not later than one day after the date by which the single capital budget and single capital program shall be returned to him in accordance with subdivision six of this section and shall return the capital budget and capital program to the board of estimate and the council setting forth his objections in writing by that day.\n\n9. Notwithstanding any inconsistent provisions of subdivision c of section two hundred twenty three of such charter or such local law number six, the board of estimate and the council shall pursuant to such subdivision act and the capital budget and capital program shall be adopted not later than four days after the date the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision six of this section.\n\n10. Notwithstanding any inconsistent provisions of subdivision d of section two hundred twenty three of such charter or such local law number six, the capital budget as finally adopted shall pursuant to such subdivision be certified by the mayor and the city clerk as described in such subdivision not later than four days after the date the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision six of this section.\n\n11. Notwithstanding any inconsistent provisions of subdivision two of section fifteen hundred fourteen of such charter or such local law number six, the commissioner of finance shall pursuant to such subdivision deliver to the council certified assessment rolls as therein described not later than four days after the date the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision six of this section.\n\n12. Notwithstanding any inconsistent provisions of subdivision a of section fifteen hundred fifteen of such charter or such local law number six, the mayor shall pursuant to such subdivision prepare and submit to the council an estimate of the probable amount of receipts as therein described not later than the date by which the single expense budget shall be returned to the mayor in accordance with subdivision one of this section.\n\n13. Notwithstanding any inconsistent provisions of subdivision b of section fifteen hundred fifteen of such charter or such local law number six, if necessary, the mayor shall pursuant to such subdivision submit to the council a statement setting forth the amount of the budget as therein described not later than four days after the date the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision six of this section.\n\n14. Notwithstanding any inconsistent provisions of subdivision c of section fifteen hundred sixteen of such charter or such local law number six, if necessary, the council shall pursuant to such subdivision fix a new annual tax rate as therein described not later than four days after the date the single capital budget and single capital program shall be returned to the mayor in accordance with subdivision six of this section.\n\n§ 2. This local law shall take effect immediately and shall be retroactive to and shall be deemed to have been in full force and effect as of the eleventh day of June, nineteen hundred eighty-six.","path":["New York City Administrative Code","1986"],"source_url":"https://files.amlegal.com/pdffiles/NewYorkCity/Admin/XML.zip","current_through":"Local Law 2026/135 (enacted August 31, 2026)","vintage":"","retrieved_at":"2026-09-06T02:48:57Z","sha256":"a70673321f8ef04b4edd424bea223d2b67b49cbc46d18eac30a6faab77069dc3","source_id":"us-nyc","stale":false,"prev":"us-nyc/n.y.c.-admin.-code-l.l.-1986-019","next":"us-nyc/n.y.c.-admin.-code-l.l.-1986-022"},"notice":"GroundRules: Original legal text. Not legal advice."}