New York Public Authorities Law Title 2 - BUFFALO FISCAL STABILITY AUTHORITY

• 3850 - Short Title.
  This title shall be known and may be cited as the "Buffalo fiscal stability authority act."
• 3850-a - Legislative Declaration of Need for State Intervention.
  The legislature hereby finds and declares that the city of Buffalo is facing a severe fiscal crisis, and that the crisis cannot be resolved absent...
• 3851 - Definitions.
  For the purposes of this title, unless the context otherwise requires: 1. "Advisory period" means that period no earlier than July first, two thousand six,...
• 3852 - Buffalo Fiscal Stability Authority.
  1. There is hereby created the Buffalo fiscal stability authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting a...
• 3853 - Administration of the Authority.
  1. The authority shall be administered by nine directors, seven of which shall be appointed by the governor. Of the seven directors, one such director...
• 3854 - General Powers of the Authority.
  Except as otherwise limited by this title, the authority shall have the following powers in addition to those specially conferred elsewhere in this title, subject...
• 3855 - Assistance to the Authority; Employees of the Authority.
  1. With the consent of any public corporation, the authority may use agents, employees and facilities thereof, paying to such public corporation its agreed proportion...
• 3856 - City Fiscal Year Two Thousand Three--Two Thousand Four Budget Modification and Four-Year Financial Plan.
  1. Not later than September first, two thousand three, the city shall submit to the authority a financial plan which may reflect a declaration of...
• 3857 - City Financial Plans.
  1. Commencing with the city's two thousand four--two thousand five fiscal year, the mayor shall prepare and submit to the authority a four-year financial plan,...
• 3857-a - Efficiency Incentive Grants.
  By November tenth, two thousand five, the city shall develop and submit to the authority a plan for achieving recurring savings through innovations and reengineering....
• 3858 - Control Period.
  1. A control period shall begin as of the effective date of this title and may be reimposed during an advisory period if the authority...
• 3859 - Advisory Period.
  1. During any advisory period the authority shall: (a) obtain from the city, the covered organizations and the state comptroller, all information, financial statements and...
• 3860 - Additional Provisions.
  1. Notwithstanding any provision to the contrary in title six-A of article two of the local finance law, neither the city nor any covered organization...
• 3861 - Declaration of Need for Financing Assistance to the City.
  1. The city shall determine and declare whether it requests the authority to undertake a financing of costs, including costs of the city's dependent school...
• 3862 - Bonds, Notes or Other Obligations of the Authority.
  1. The authority shall have the power and is hereby authorized from time to time to issue bonds, notes or other obligations in such principal...
• 3863 - Remedies of Bondholders.
  Subject to any resolution or resolutions adopted pursuant to paragraph (f) of subdivision six of section thirty-eight hundred sixty-two of this title: 1. In the...
• 3864 - Intercept of City Tax Revenues, School District Tax Revenues and State Aid Revenues.
  1. The state comptroller, in accordance with section twelve hundred sixty-one of the tax law, shall pay at least monthly to the authority, (a) for...
• 3865 - Resources of the Authority.
  1. Subject to the provisions of this title, the directors of the authority shall receive, accept, invest, administer, expend and disburse for its corporate purposes...
• 3866 - Agreement With the State.
  1. The state does hereby pledge to and agree with the holders of any issue of bonds, notes or other obligations issued by the authority...
• 3866-a - Agreement With the County.
  1. The county does hereby covenant and agree with the holders of any issue of bonds, notes or other obligations issued by the authority pursuant...
• 3867 - Agreement With the City.
  1. The city hereby covenants and agrees with the holders of bonds, notes or other obligations issued by the authority pursuant to this title, that...
• 3868 - Bonds, Notes or Other Obligations Legal for Investment and Deposit.
  The bonds, notes or other obligations of the authority are hereby made securities in which all public officers and bodies of the state and all...
• 3869 - Tax Exemption.
  1. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes are in all respects for the...
• 3870 - Actions Against the Authority.
  1. Except in an action for wrongful death, no action or proceeding shall be prosecuted or maintained against the authority for personal injury or damage...
• 3871 - Audits.
  1. The accounts of the authority shall be subject to the audit of the comptroller and the state comptroller. In addition, the authority shall be...
• 3872 - Effect of Inconsistent Provisions.
  Insofar as the provisions of this title are inconsistent with the provisions of any other act, general or special, or of any charter, local law,...
• 3873 - Separability; Construction.
  If any clause, sentence, paragraph, section, or part of this title shall be adjudged by any court of competent jurisdiction to be invalid, such judgment...

Last modified: February 3, 2019