N.Y.
Public Authorities Law Section 3851
Definitions
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 assistance, as provided for under § 3857 (City financial plans)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 securities 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 capital and cash flow requirements of the city during that period in accordance 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 securities selected by the authority as well as other information available to the comptrollers. Once begun, an advisory period shall continue through June thirtieth, two thousand thirty-seven unless a control period is imposed.2.
“Authority” or “Buffalo fiscal stability authority” or “BFSA” means the public benefit corporation created by this title.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 § 3857 (City financial plans)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 § 3861 (Declaration of need for financing assistance to the city)section thirty-eight hundred sixty-one of this title and the approval of the BFSA board.4.
“Bonds, notes or other obligations” means bonds, notes and other evidences of indebtedness, issued or incurred by the authority.5.
“Chief fiscal officer” means the chief fiscal officer of the city as defined in section 2.00 of the local finance law.6.
“City” means the city of Buffalo.7.
“City charter” means the city government law of the city of Buffalo, as amended.8.
“City tax revenues” means the portion of the county’s “net collections”, as defined in Tax Law § 1262 (Disposition of revenues from taxes imposed by cities under one million, counties and school districts)section twelve hundred sixty-two of the tax law, payable to the city under the agreement among the county, the city and the cities of Lackawanna and Tonawanda entered into pursuant to the authority of subdivision (c) of Tax Law § 1262 (Disposition of revenues from taxes imposed by cities under one million, counties and school districts)section twelve hundred sixty-two of the tax law. In the event that the city imposes sales and compensating use taxes pursuant to the authority of Tax Law § 1210 (Taxes of cities and counties administered by state tax commission)section twelve hundred ten of the tax law, “city tax revenues” shall also include net collections from such city taxes.9.
“Comptroller” means the comptroller of the city.10.
“Control period” means that period of time from the effective date of this title, continuing until the authority determines that conditions have been met as provided in subdivision one of this section and the city qualifies for the onset of an advisory period. A control period may be reimposed as determined by the authority in accordance with § 3858 (Control period)section thirty-eight hundred fifty-eight of this title.11.
“Council” means the city council of the city of Buffalo.12.
“County” means the county of Erie.13.
“Covered organization” means the city school district, the joint schools construction board of the city, as described in chapter six hundred five of the laws of two thousand, as amended, and the Buffalo municipal housing authority and any governmental agency, public authority or public benefit corporation which receives or may receive moneys directly, indirectly or contingently from the city, but excluding the authority and (a) any other governmental agency, public authority or public benefit corporation specifically exempted from the provisions of this title by order of the authority upon application of such agency, public authority, or corporation to the authority or on the authority’s own motion upon a finding by the authority that such exemption does not materially affect the ability of the city to adopt and maintain a budget pursuant to the provisions of this title, or(b)
any state public authority defined in Civil Service Law § 201 (Definitions)section two hundred one of the civil service law, unless specifically named above; provided, however, that the authority may terminate any exemption granted by order of the authority pursuant to this subdivision upon a determination that the circumstances upon which such exemption was granted are no longer applicable.14.
“Director of the budget” means the director of the budget of the state.15.
“Financeable costs” or “costs” means costs to finance (a) amounts necessary to accomplish a refunding, repayment or restructuring of a portion of the city’s outstanding indebtedness or that of any covered organization, (b) cash flow needs of the city or any covered organization, (c) any object or purpose of the city or any covered organization, for which a period of probable usefulness is prescribed in section 11.00 of the local finance law, including the costs of any preliminary studies, surveys, maps, plans, estimates and hearings, (d) amounts necessary to finance a portion of the operating costs of the city or any covered organization as provided in § 3857 (City financial plans)section thirty-eight hundred fifty-seven of this title, to the extent approved by the authority, or(e)
incidental costs, including, but not limited to, legal fees, printing or engraving, publication of notices, taking of title, apportionment of costs, and capitalized interest, insurance premiums, costs related to items authorized in subdivisions seven through nine of § 3854 (General powers of the authority)section thirty-eight hundred fifty-four of this title or any underwriting or other costs incurred in connection with the financing thereof; provided however that, to the maximum extent practicable, all financeable costs shall not adversely affect the requirements of subdivision two of § 3869 (Tax exemption)section thirty-eight hundred sixty-nine of this title.16.
“Financial plan” means the financial plan of the city and the covered organizations to be developed pursuant to § 3857 (City financial plans)section thirty-eight hundred fifty-seven of this title, as from time to time amended.17.
“Major operating funds” means the city general fund, the board of education general fund, the city enterprise funds, the board of education special project funds, together with any other funds of the city or a covered organization from time to time designated by the authority.18.
“Mayor” means the mayor of the city.19.
“Presiding officer” means the presiding officer of the council elected pursuant to the rules of the council.20.
“Projected gap” means the excess, if any, of annual aggregate projected expenditures over annual aggregate projected revenues for the major operating funds in each year of a financial plan as determined by the city and certified by the authority. For purposes of determining the projected gap in each fiscal year, annual aggregate projected revenues shall not include the amount of BFSA assistance expected to be available for such fiscal year.21.
“Revenues” means revenues of the authority consisting of city tax revenues, school district tax revenues, state aid revenues, and all other aid, rents, fees, charges, gifts, payments and other income and receipts paid or payable to the authority or a trustee for the account of the authority, to the extent such amounts are pledged to bondholders.22.
“State” means the state of New York.23.
“State aid” means: all general purpose local government aid; emergency financial assistance to certain cities; emergency financial assistance to eligible municipalities; supplemental municipal aid; and any successor type of aid and any new aid appropriated by the state as local government assistance for the benefit of the city.24.
“State aid revenues” means state aid paid by the state comptroller to the authority pursuant to this title.25.
“State comptroller” means the comptroller of the state.26.
“School district tax revenues” means the portion of the county’s “net collections,” as defined in Tax Law § 1262 (Disposition of revenues from taxes imposed by cities under one million, counties and school districts)section twelve hundred sixty-two of the tax law, payable to the city’s dependent school district by the county pursuant to the authority of subdivision (a) of Tax Law § 1262 (Disposition of revenues from taxes imposed by cities under one million, counties and school districts)section twelve hundred sixty-two of the tax law.27.
“Cash flow borrowings” means:(a)
notes issued by the authority on behalf of the city, the city’s dependent school district or any other covered organization, the proceeds of which are used to address temporary cash flow needs of the city, the city’s dependent school district or the applicable covered organization; and(b)
bonds, notes and other obligations issued by the authority to refund notes of the authority described in paragraph (a) of this subdivision.28.
“Obligations of the city” means bonds, notes and other evidences of indebtedness issued or incurred by the city.
Source:
Section 3851 — Definitions, https://www.nysenate.gov/legislation/laws/PBA/3851 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
