Relates to Buffalo fiscal stability authority financial crisis determination.
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 throughEXPLANATION--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.