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STATE OF NEW YORK
________________________________________________________________________

949

2011-2012 Regular Sessions

IN ASSEMBLY

(PREFILED)

January 5, 2011
___________

Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
  Committee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to  the  Buffalo
  Fiscal Stability Authority (BFSA) financial crisis determinations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1 and 3 of section 3851 of the public authori-
ties law, as added by chapter 122 of the laws of 2003,  are  amended  to
read as follows:
  1. "Advisory period" means that period no earlier than July first, two
thousand six, after which the authority has determined that (a) for each
of  the  three  immediately  preceding  city  fiscal years, the city has
adopted and adhered to budgets covering  all  expenditures,  other  than
capital  items, the results of which did not show a deficit, without the
use of any [authority] BFSA assistance, as provided for  under  SUBDIVI-
SION ONE OF section thirty-eight hundred fifty-seven of this title, when
reported in accordance with generally accepted accounting principles and
(b) the comptroller and the state comptroller jointly certify that secu-
rities  were  sold  by  the  city  during the immediately preceding city
fiscal year in the general public market and that there is a substantial
likelihood that such securities can be sold by the city in  the  general
public market from such date through the end of the next succeeding city
fiscal  year in amounts that will satisfy substantially all of the capi-
tal and cash flow requirements of the city during that period in accord-
ance with the financial plan then in existence. The joint  certification
made  by  the  comptroller  and  the state comptroller shall be based on
their separate written determinations which  may  take  into  account  a
report  and opinion of an independent expert in the marketing of securi-
ties selected by the authority as well as other information available to
the comptrollers. Once begun, an advisory period shall continue  through

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04727-01-1
A. 949                              2

June  thirtieth,  two  thousand  thirty-seven unless a control period is
imposed.
  3.  "BFSA assistance" means: (a) the amount of debt service savings in
a given city fiscal year generated from the proceeds of bonds, notes  or
other  obligations  made  available to or for the benefit of the city or
any covered organization as determined by  the  authority;  or  (b)  the
proceeds  of  any deficit financing authorized by the authority, or some
combination thereof pursuant to the provisions  of  SUBDIVISION  ONE  OF
section  thirty-eight hundred fifty-seven of this title. Such assistance
shall be made available only upon a declaration  of  need  by  the  city
pursuant to section thirty-eight hundred sixty-one of this title and the
approval  of  the  BFSA board.   ANY ACTION OF THE AUTHORITY THAT IS NOT
SPECIFIED IN THIS SUBDIVISION SHALL NOT BE CONSTRUED AS BFSA ASSISTANCE.
  S 2. This act shall take effect immediately.