New York Public Authorities Law Title 3 - ERIE COUNTY FISCAL STABILITY AUTHORITY

• 3950 - Short Title.
  This title shall be known and may be cited as the "Erie county fiscal stability authority act".
• 3950-a - Legislative Declaration of Need for State Intervention.
  The legislature hereby finds and declares that the county of Erie is facing a severe fiscal crisis, and that the crisis cannot be resolved absent...
• 3951 - Definitions.
  For the purposes of this title, unless the context otherwise requires: 1. "Advisory period" means a period of time from the effective date of this...
• 3952 - Erie County Fiscal Stability Authority.
  1. There is hereby created the Erie county fiscal stability authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting...
• 3953 - Administration of the Authority.
  1. The authority shall be administered by seven directors appointed by the governor. Of the seven directors, one each shall be appointed on the written...
• 3954 - 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...
• 3955 - 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...
• 3956 - County Fiscal Year Two Thousand Five Budget Modification and Four-Year Financial Plan.
  1. Not later than October first, two thousand five, the county executive, upon approval by the legislature, shall submit to the authority a budget modification...
• 3957 - County Financial Plans.
  1. Commencing with the county's two thousand six fiscal year, the county executive shall prepare and submit to the authority a four-year financial plan, and...
• 3957-a - Efficiency Incentive Grants.
  Along with the county financial plan commencing with the county's two thousand six fiscal year, the county shall develop and submit to the authority a...
• 3958 - Advisory Period.
  1. During any advisory period the authority shall: (a) obtain from the county, the covered organizations and the state comptroller, all information, financial statements and...
• 3959 - Control Period.
  1. The authority shall impose a control period at any time that any of the following events has occurred or that there is a substantial...
• 3960 - Additional Provisions.
  1. Notwithstanding any provision to the contrary in title six-A of article two of the local finance law, neither the county nor any covered organization...
• 3961 - Declaration of Need for Financial Assistance to the County.
  3961. Declaration of need for financing assistance to the county. 1. The county shall determine and declare whether it requests the authority to undertake a...
• 3962 - 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...
• 3963 - Remedies of Bondholders.
  Subject to any resolution or resolutions adopted pursuant to paragraph (f) of subdivision six of section thirty-nine hundred sixty-two of this title: 1. In the...
• 3964 - Intercept of County Tax Revenues and State Aid Revenues.
  1. Commencing on the effective date of this title, and until December thirty-first, two thousand thirty-nine, the state comptroller shall pay county tax revenues at...
• 3965 - 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...
• 3966 - 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...
• 3967 - Agreement With the County.
  1. The county shall covenant and agree with the holders of any issue of bonds, notes or other obligations issued by the authority pursuant to...
• 3968 - Bonds, Notes or Other Obligations Legal for Investment and Deposit.
  Bonds, notes or other obligations of the authority are hereby made securities in which all public officers and bodies of the state and all public...
• 3969 - 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...
• 3970 - 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...
• 3971 - 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...
• 3972 - 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,...
• 3973 - 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