N.Y.
Public Authorities Law Section 3655
Declaration of need
1.
The county shall determine and declare whether it requests the authority to undertake a financing of costs. Any such request shall be made by the county executive and approved by the legislature. Any such financing shall be consistent with the adopted budget and financial plan required under sections thirty-six hundred sixty-six and thirty-six hundred sixty-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, and the county, acting by the county executive, 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 tax revenues to the authority to secure its bonds, 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-six hundred sixty-six and thirty-six hundred sixty-seven of this title, as applicable. The authority’s revenues shall not be deemed funds of the county. Any such agreements may be pledged by the authority to secure its bonds and may not be modified thereafter except as provided by the terms of the pledge.4.
Such agreements 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, (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. Nothing contained in this title shall relieve or modify the application to the county or any entity acting on behalf of the county or any covered organization of the requirements of law relating (i) to contracts for procurement, design, construction, services and materials, or(ii)
the provisions of Labor Law § 220 (Hours, wages and supplements)section two hundred twenty of the labor law, or(iii)
the provisions of article five-A of the general municipal law.5.
At least annually, commencing no more than one year after the date on which authority bonds are first issued, the county executive shall report to the authority, the comptroller, the legislature, the state comptroller, the chairs of the senate finance committee and the 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.
Source:
Section 3655 — Declaration of need, https://www.nysenate.gov/legislation/laws/PBA/3655 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
