S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7497
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2025
                                ___________
 
 Introduced  by Sen. BORRELLO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to establishing
   the city of Dunkirk interim finance authority

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Article  10-D of the public authorities law is amended by
 adding a new title 1-A to read as follows:
                                 TITLE 1-A
                 CITY OF DUNKIRK INTERIM FINANCE AUTHORITY
 SECTION 3750. SHORT TITLE.
         3751. DEFINITIONS.
         3752. CITY OF DUNKIRK INTERIM FINANCE AUTHORITY.
         3753. ADMINISTRATION OF THE AUTHORITY.
         3754. GENERAL POWERS OF THE AUTHORITY.
         3755. DECLARATION OF NEED.
         3756. BONDS OF THE AUTHORITY.
         3757. RESOURCES OF THE AUTHORITY.
         3758. AGREEMENT WITH THE STATE.
         3759. AGREEMENT WITH THE CITY.
         3760. BONDS LEGAL FOR INVESTMENT AND DEPOSIT.
         3761. TAX EXEMPTION AND TAX CONTRACT BY THE STATE.
         3762. ACTIONS AGAINST THE AUTHORITY.
         3763. AUDITS.
         3764. REMEDIES OF BONDHOLDERS.
         3765. ASSISTANCE TO THE AUTHORITY; EMPLOYEES OF THE AUTHORITY.
         3766. 2025 FISCAL YEAR BUDGET MODIFICATION.
         3767. CITY FINANCIAL PLANS.
         3768. MONITORING AND REVIEW.
         3769. CONTROL PERIOD.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11445-03-5
              

 S. 7497                             2
 
         3770. MISCELLANEOUS PROVISIONS.
         3771. EFFECT OF INCONSISTENT PROVISIONS.
         3772. SEPARABILITY; CONSTRUCTION.
   § 3750. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS THE
 "CITY OF DUNKIRK INTERIM FINANCE AUTHORITY ACT".
   §  3751.  DEFINITIONS.  FOR  THE  PURPOSES  OF  THIS TITLE, UNLESS THE
 CONTEXT OTHERWISE REQUIRES:
   1. "AUTHORITY" OR "CITY OF DUNKIRK INTERIM  FINANCE  AUTHORITY"  MEANS
 THE PUBLIC BENEFIT CORPORATION CREATED BY THIS TITLE.
   2.  "BONDS"  MEANS  BONDS,  NOTES AND OTHER EVIDENCES OF INDEBTEDNESS,
 ISSUED OR INCURRED BY THE AUTHORITY.
   3. "CHIEF FISCAL OFFICER" MEANS THE CHIEF FISCAL OFFICER OF  THE  CITY
 AS DEFINED IN THE CITY CHARTER.
   4.  "FISCAL  AFFAIRS  OFFICER" MEANS THE FISCAL AFFAIRS OFFICER OF THE
 CITY.
   5. "CONTROL PERIOD" MEANS A PERIOD  DETERMINED  BY  THE  AUTHORITY  IN
 ACCORDANCE WITH SECTION THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE.
   6. "CITY" MEANS THE CITY OF DUNKIRK.
   7.  "CITY  CHARTER"  MEANS  THE  CITY  GOVERNMENT  LAW  OF THE CITY OF
 DUNKIRK, AS AMENDED.
   8. "MAYOR" MEANS THE MAYOR OF THE CITY OF DUNKIRK.
   9. "CITY TAX REVENUES" MEANS (A) THAT PORTION OF TAX REVENUES THAT  IS
 DEDUCTED  AND  WITHHELD  FOR TRANSFER AND CREDIT BY THE AUTHORITY TO THE
 CITY OF DUNKIRK REVENUE ANTICIPATION NOTE WITHHOLDING  FUND  ESTABLISHED
 BY  THE AUTHORITY AND (B) THE BALANCE OF TAX REVENUES TRANSFERRED BY THE
 AUTHORITY TO THE CITY, PURSUANT TO SECTION THIRTY-SEVEN  HUNDRED  FIFTY-
 SEVEN OF THIS TITLE.
   10.  "COVERED  ORGANIZATION"  MEANS  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  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 AT 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, AND PROVIDED THAT AT THE  TIME
 OF  SUCH  EXEMPTION, THERE SHALL HAVE BEEN AND DURING THE PERIOD OF SUCH
 EXEMPTION THERE SHALL BE AN ANNUAL  AUDIT  BY  A  NATIONALLY  RECOGNIZED
 INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM OR CONSORTIUM OF FIRMS, ONE
 OF WHICH SHALL BE A NATIONALLY RECOGNIZED FIRM, OF THE COVERED ORGANIZA-
 TION'S  FINANCIAL  STATEMENTS  PERFORMED  IN  ACCORDANCE  WITH GENERALLY
 ACCEPTED AUDITING STANDARDS AND REPORT BY  SUCH  AUDITOR  THEREON  WHICH
 INCLUDES  AN  OPINION THAT THE FINANCIAL STATEMENTS SO AUDITED HAVE BEEN
 PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND
 SUCH OTHER INFORMATION AS SUCH AUDITORS DEEM APPROPRIATE, (B) ANY  STATE
 PUBLIC  AUTHORITY  AS  DEFINED  IN  SECTION TWO HUNDRED ONE OF THE CIVIL
 SERVICE LAW, UNLESS SPECIFICALLY NAMED ABOVE, OR  (C)  ANY  GOVERNMENTAL
 AGENCY,  AUTHORITY,  COMMISSION OR INSTRUMENTALITY CREATED BY COMPACT OR
 AGREEMENT BETWEEN THE STATE OF NEW YORK AND  ANOTHER  STATE  OR  STATES;
 PROVIDED, HOWEVER, THAT THE AUTHORITY MAY TERMINATE ANY EXEMPTION GRANT-
 ED  BY ORDER OF THE AUTHORITY PURSUANT TO THIS SUBDIVISION UPON A DETER-
 MINATION THAT THE CIRCUMSTANCES UPON WHICH SUCH  EXEMPTION  WAS  GRANTED
 ARE NO LONGER APPLICABLE.
   11.  "DIRECTOR  OF THE BUDGET" MEANS THE DIRECTOR OF THE BUDGET OF THE
 STATE.
 S. 7497                             3
 
   12. "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, (C) TAX CERTIORARI
 SETTLEMENTS  AND JUDGMENTS OF ANY KIND TO WHICH THE CITY IS A PARTY, (D)
 APPROPRIATED CAPITAL COSTS OF THE  CITY,  INCLUDING  THE  COSTS  OF  ANY
 PRELIMINARY  STUDIES,  SURVEYS, MAPS, PLANS, ESTIMATES AND HEARINGS, (E)
 AMOUNTS NECESSARY TO FINANCE ANY CITY DEFICIT, TO THE EXTENT  AUTHORIZED
 BY  STATE  LAW,  OR (F) 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  TEN OF SECTION THIRTY-SEVEN HUNDRED FIFTY-FOUR OF THIS TITLE OR
 ANY UNDERWRITING OR OTHER COSTS INCURRED IN CONNECTION WITH THE  FINANC-
 ING THEREOF.
   13.  "FINANCIAL  PLAN"  MEANS  THE  FINANCIAL PLAN OF THE CITY AND THE
 COVERED ORGANIZATIONS TO BE DEVELOPED PURSUANT TO  SECTION  THIRTY-SEVEN
 HUNDRED SIXTY-SEVEN OF THIS TITLE, AS FROM TIME TO TIME AMENDED.
   14.  "INTERIM FINANCE PERIOD" MEANS THE PERIOD OF TIME FROM THE EFFEC-
 TIVE DATE OF THIS TITLE UNTIL THE DATE  WHEN  (A)  THE  AUTHORITY  SHALL
 DETERMINE,  BASED  ON  ANNUAL AUDIT REPORTS FURNISHED IN ACCORDANCE WITH
 THIS TITLE, THAT FOR EACH FISCAL YEAR, THROUGH AND INCLUDING FISCAL YEAR
 TWO THOUSAND EIGHT, THAT THE CITY HAS ADOPTED  AND  ADHERED  TO  BUDGETS
 COVERING  ALL  EXPENDITURES  THE  RESULTS  OF WHICH DID NOT SHOW A MAJOR
 OPERATING FUNDS DEFICIT  WHEN  REPORTED  IN  ACCORDANCE  WITH  GENERALLY
 ACCEPTED ACCOUNTING PRINCIPLES, SUBJECT TO THE PROVISIONS OF THIS TITLE,
 AND  SHALL  FURTHER DETERMINE THAT IN THE THEN CURRENT FISCAL YEAR THERE
 IS A SUBSTANTIAL LIKELIHOOD THAT THE RESULTS OF  THE  CITY'S  OPERATIONS
 WILL  NOT  SHOW  A DEFICIT IN THE MAJOR OPERATING FUNDS WHEN SO REPORTED
 AND (B) THE CHIEF FISCAL OFFICER SHALL CERTIFY THAT SECURITIES  SOLD  BY
 OR  FOR  THE  BENEFIT  OF  THE  CITY  DURING THE FISCAL YEAR IMMEDIATELY
 PRECEDING SUCH DATE AND THE THEN CURRENT  FISCAL  YEAR  IN  THE  GENERAL
 PUBLIC  MARKET  SATISFIED  THE FINANCING REQUIREMENTS OF THE CITY DURING
 SUCH PERIOD AND THAT THERE IS A SUBSTANTIAL LIKELIHOOD THAT SUCH SECURI-
 TIES CAN BE SOLD IN THE GENERAL PUBLIC MARKET FROM SUCH DATE THROUGH THE
 END OF THE NEXT SUCCEEDING FISCAL YEAR IN  AMOUNTS  WHICH  WILL  SATISFY
 SUBSTANTIALLY  ALL OF THE CAPITAL AND SEASONAL FINANCING REQUIREMENTS OF
 THE CITY DURING SUCH PERIOD IN ACCORDANCE WITH THE FINANCIAL  PLAN  THEN
 IN EFFECT.
   15. "LEGISLATURE" MEANS THE LEGISLATURE OF THE CITY.
   16.  "MAJOR  OPERATING  FUNDS"  MEANS  THE  GENERAL  FUND,  THE POLICE
 DISTRICT FUND, THE POLICE HEADQUARTERS FUND, THE CITY PARKS FUND AND THE
 FIRE PREVENTION FUND OF THE CITY, TOGETHER WITH ANY OTHER FUNDS  OF  THE
 CITY  OR  A  COVERED  ORGANIZATION  FROM  TIME TO TIME DESIGNATED BY THE
 AUTHORITY.
   17. "NCIFA ASSISTANCE" MEANS THE AMOUNT OF DEBT SERVICE SAVINGS  IN  A
 GIVEN FISCAL YEAR GENERATED FROM THE PROCEEDS OF BONDS MADE AVAILABLE TO
 OR FOR THE BENEFIT OF THE CITY OR ANY COVERED ORGANIZATION AS DETERMINED
 BY THE AUTHORITY.
   18.  "PRESIDING  OFFICER"  MEANS THE PRESIDING OFFICER OF THE LEGISLA-
 TURE, ELECTED PURSUANT TO THE RULES OF THE LEGISLATURE.
   19. "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
 S. 7497                             4
 
 SHALL NOT INCLUDE THE AMOUNT OF NCIFA ASSISTANCE OR  TRANSITIONAL  STATE
 AID EXPECTED TO BE AVAILABLE FOR SUCH FISCAL YEAR.
   20.  "PUBLIC  CORPORATION"  MEANS AND INCLUDES THE CITY, THE STATE AND
 EVERY PUBLIC CORPORATION AS DEFINED IN THE GENERAL CONSTRUCTION LAW.
   21. "REVENUES" MEANS THE TAX REVENUES AND ALL AID, RENTS, FEES, CHARG-
 ES, 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, BUT IN NO EVENT SHALL  REVENUES
 INCLUDE ANY TRANSITIONAL STATE AID.
   22. "STATE" MEANS THE STATE OF NEW YORK.
   23.   "TAX   REVENUES"  MEANS  SALES  AND  COMPENSATING  USE  TAX  NET
 COLLECTIONS PAID OR PAYABLE TO THE AUTHORITY PURSUANT TO SECTION  TWELVE
 HUNDRED SIXTY-ONE OF THE TAX LAW.
   24.  "TRANSITIONAL  STATE AID" MEANS ANY STATE AID APPROPRIATED TO THE
 AUTHORITY FOR THE BENEFIT OF THE CITY FOR (A) UNRESTRICTED AID  PURPOSES
 AND  (B)  THE  PURPOSE  OF  ASSISTING  THE  CITY IN STREAMLINING THE TAX
 CERTIORARI CLAIMS PROCESS AND ELIMINATING THE NEED TO  BORROW  FOR  SUCH
 COSTS.
   §  3752. CITY OF DUNKIRK INTERIM FINANCE AUTHORITY. 1. THERE IS HEREBY
 CREATED THE CITY OF DUNKIRK INTERIM  FINANCE  AUTHORITY.  THE  AUTHORITY
 SHALL  BE  A  CORPORATE  GOVERNMENTAL  AGENCY AND INSTRUMENTALITY OF THE
 STATE CONSTITUTING A PUBLIC BENEFIT CORPORATION.
   2. IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE, THE AUTHORITY  MAY
 ISSUE  BONDS  ONLY  TO  FINANCE  COSTS, INCLUDING THE REFUNDING OF BONDS
 ISSUED BY THE AUTHORITY TO FINANCE COSTS, AND FUND  RESERVES  TO  SECURE
 SUCH BONDS.
   3.  THE AUTHORITY SHALL CONTINUE UNTIL ITS OVERSIGHT, CONTROL OR OTHER
 RESPONSIBILITIES,  AND  ITS  LIABILITIES  HAVE  BEEN  MET  OR  OTHERWISE
 DISCHARGED.  UPON THE TERMINATION OF THE EXISTENCE OF THE AUTHORITY, ALL
 OF ITS RIGHTS AND PROPERTY SHALL PASS TO AND BE VESTED IN THE CITY.
   § 3753. ADMINISTRATION OF THE AUTHORITY. 1.  THE  AUTHORITY  SHALL  BE
 ADMINISTERED  BY  NINE  DIRECTORS APPOINTED BY THE GOVERNOR. OF THE NINE
 DIRECTORS, ONE EACH SHALL BE APPOINTED ON THE WRITTEN RECOMMENDATION  OF
 THE  TEMPORARY  PRESIDENT  OF  THE  SENATE,  THE  MINORITY LEADER OF THE
 SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER OF THE ASSEMBLY
 AND THE STATE COMPTROLLER, RESPECTIVELY. TWO OF  THE  MEMBERS  APPOINTED
 DIRECTLY BY THE GOVERNOR AND THE MEMBERS APPOINTED ON THE RECOMMENDATION
 OF  THE  TEMPORARY  PRESIDENT  OF  THE SENATE, THE RECOMMENDATION OF THE
 MINORITY LEADER OF THE SENATE, THE RECOMMENDATION OF THE SPEAKER OF  THE
 ASSEMBLY,  THE RECOMMENDATION OF THE MINORITY LEADER OF THE ASSEMBLY AND
 THE RECOMMENDATION OF THE STATE COMPTROLLER SHALL BE RESIDENTS OF  CHAU-
 TAUQUA  COUNTY.    EACH  DIRECTOR  SHALL BE APPOINTED FOR A TERM OF FOUR
 YEARS, PROVIDED HOWEVER, THAT TWO OF THE DIRECTORS  FIRST  APPOINTED  BY
 THE  GOVERNOR  SHALL  SERVE FOR A TERM ENDING DECEMBER THIRTY-FIRST, TWO
 THOUSAND TWENTY-NINE, AND THE FIVE OTHER DIRECTORS FIRST APPOINTED SHALL
 SERVE FOR THE FOLLOWING TERMS: THE DIRECTORS APPOINTED ON RECOMMENDATION
 OF THE TEMPORARY PRESIDENT OF THE SENATE, THE  MINORITY  LEADER  OF  THE
 SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER OF THE ASSEMBLY
 AND  THE  STATE COMPTROLLER SHALL SERVE FOR A TERM ENDING DECEMBER THIR-
 TY-FIRST, TWO THOUSAND THIRTY AND  THE  TWO  REMAINING  DIRECTORS  FIRST
 APPOINTED  DIRECTLY  BY  THE  GOVERNOR  SHALL SERVE FOR A TERM ENDING ON
 DECEMBER THIRTY-FIRST, TWO THOUSAND THIRTY-ONE. EACH DIRECTOR SHALL HOLD
 OFFICE UNTIL SUCH DIRECTOR'S SUCCESSOR HAS BEEN APPOINTED AND QUALIFIED.
 THEREAFTER EACH DIRECTOR SHALL SERVE A TERM OF FOUR YEARS,  EXCEPT  THAT
 ANY  DIRECTOR  APPOINTED  TO  FILL  A VACANCY SHALL SERVE ONLY UNTIL THE
 EXPIRATION OF THEIR PREDECESSOR'S TERM.
 S. 7497                             5
 
   2. THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE,  THE  MINORITY
 LEADER  OF  THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY LEADER
 OF THE ASSEMBLY, AND THE STATE COMPTROLLER SHALL DESIGNATE A CHAIRPERSON
 AND A VICE-CHAIRPERSON FROM AMONG THE DIRECTORS. THE  CHAIRPERSON  SHALL
 PRESIDE  OVER  ALL  MEETINGS  OF THE DIRECTORS AND SHALL HAVE SUCH OTHER
 DUTIES AS  THE  DIRECTORS  MAY  PRESCRIBE.  THE  VICE-CHAIRPERSON  SHALL
 PRESIDE  OVER ALL MEETINGS OF THE DIRECTORS IN THE ABSENCE OF THE CHAIR-
 PERSON AND SHALL HAVE SUCH OTHER DUTIES AS THE DIRECTORS MAY PRESCRIBE.
   3. THE DIRECTORS OF THE AUTHORITY SHALL SERVE WITHOUT SALARY, BUT EACH
 DIRECTOR SHALL BE REIMBURSED FOR ACTUAL NECESSARY EXPENSES  INCURRED  IN
 THE  PERFORMANCE OF SUCH DIRECTOR'S OFFICIAL DUTIES AS A DIRECTOR OF THE
 AUTHORITY.
   4. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF ANY GENERAL,  SPECIAL
 OR  LOCAL  LAW,  ORDINANCE, RESOLUTION OR CHARTER, NO OFFICER, MEMBER OR
 EMPLOYEE OF THE STATE OF NEW YORK, ANY CITY, COUNTY,  TOWN  OR  VILLAGE,
 ANY  GOVERNMENTAL  ENTITY  OPERATING  ANY  PUBLIC SCHOOL OR COLLEGE, ANY
 SCHOOL DISTRICT OR ANY OTHER  PUBLIC  AGENCY  OR  INSTRUMENTALITY  WHICH
 EXERCISES GOVERNMENTAL POWERS UNDER THE LAWS OF THE STATE, SHALL FORFEIT
 THEIR  OFFICE OR EMPLOYMENT BY REASON OF THEIR ACCEPTANCE OF APPOINTMENT
 AS A DIRECTOR, OFFICER OR EMPLOYEE OF THE AUTHORITY, NOR  SHALL  SERVICE
 AS  SUCH DIRECTOR, OFFICER OR EMPLOYEE OF THE AUTHORITY BE DEEMED INCOM-
 PATIBLE OR IN CONFLICT WITH SUCH OFFICE OR EMPLOYMENT.
   5. FIVE DIRECTORS SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF ANY
 BUSINESS OR THE EXERCISE OF ANY POWER OF THE AUTHORITY. NO ACTION  SHALL
 BE  TAKEN  BY  THE  AUTHORITY  EXCEPT PURSUANT TO A FAVORABLE VOTE OF AT
 LEAST FIVE DIRECTORS PARTICIPATING IN A MEETING AT WHICH SUCH ACTION  IS
 TAKEN.
   6.  THE  AUTHORITY  SHALL APPOINT A TREASURER AND MAY APPOINT OFFICERS
 AND AGENTS AS IT MAY REQUIRE AND PRESCRIBE THEIR DUTIES.
   7. AT LEAST ANNUALLY, COMMENCING NO MORE THAN ONE YEAR AFTER THE  DATE
 ON WHICH AUTHORITY BONDS ARE FIRST ISSUED, THE AUTHORITY SHALL REPORT TO
 THE  MAYOR, THE CITY LEGISLATURE, THE FISCAL AFFAIRS OFFICER, THE DIREC-
 TOR OF THE BUDGET, THE SPEAKER OF THE ASSEMBLY, THE TEMPORARY  PRESIDENT
 OF THE SENATE, THE MINORITY LEADER OF THE SENATE, THE MINORITY LEADER OF
 THE  ASSEMBLY  AND  THE  STATE  COMPTROLLER ON THE COSTS FINANCED BY THE
 AUTHORITY AND THE AMOUNT OF SUCH FINANCING FOR EACH SUCH COST  OVER  THE
 PAST YEAR.
   §  3754.  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  ONLY  TO
 AGREEMENTS WITH BONDHOLDERS:
   1. TO SUE AND BE SUED;
   2. TO HAVE A SEAL AND ALTER THE SAME AT PLEASURE;
   3.  TO MAKE AND ALTER BY-LAWS FOR ITS ORGANIZATION AND MANAGEMENT AND,
 SUBJECT TO AGREEMENTS WITH ITS BONDHOLDERS, TO MAKE AND ALTER RULES  AND
 REGULATIONS  GOVERNING THE EXERCISE OF ITS POWERS AND FULFILLMENT OF ITS
 PURPOSES UNDER THIS TITLE;
   4. TO MAKE AND EXECUTE CONTRACTS AND ALL OTHER INSTRUMENTS  OR  AGREE-
 MENTS  NECESSARY  OR  CONVENIENT  TO  CARRY OUT ANY POWERS AND FUNCTIONS
 EXPRESSLY GIVEN IN THIS TITLE;
   5. TO COMMENCE ANY ACTION TO PROTECT OR ENFORCE  ANY  RIGHT  CONFERRED
 UPON IT BY ANY LAW, CONTRACT OR OTHER AGREEMENT;
   6.  TO  BORROW  MONEY  AND  ISSUE BONDS, OR TO REFUND THE SAME, AND TO
 PROVIDE FOR THE RIGHTS OF THE HOLDERS OF ITS BONDS;
   7. AS SECURITY FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON ANY
 BONDS ISSUED BY IT PURSUANT TO THIS TITLE AND  ANY  AGREEMENTS  MADE  IN
 S. 7497                             6

 CONNECTION  THEREWITH  AND FOR ITS OBLIGATIONS UNDER BOND FACILITIES, TO
 PLEDGE ALL OR ANY PART OF ITS REVENUES OR ASSETS;
   8. TO PROCURE INSURANCE, LETTERS OF CREDIT OR OTHER CREDIT ENHANCEMENT
 WITH  RESPECT  TO ITS BONDS, OR FACILITIES FOR THE PAYMENT OF TENDERS OF
 SUCH BONDS OR FACILITIES FOR THE PAYMENT  UPON  MATURITY  OF  SHORT-TERM
 NOTES NOT RENEWED;
   9.  TO  ENTER INTO INTEREST RATE EXCHANGE OR SIMILAR ARRANGEMENTS WITH
 ANY PERSON UNDER SUCH TERMS AND CONDITIONS AS THE AUTHORITY  MAY  DETER-
 MINE,  NOT  INCONSISTENT  WITH  THE GENERAL LAWS OF THIS STATE AND OTHER
 PROVISIONS OF THIS TITLE, INCLUDING, WITHOUT LIMITATION,  PROVISIONS  AS
 TO  DEFAULT OR EARLY TERMINATION AND INDEMNIFICATION BY THE AUTHORITY OR
 ANY OTHER PARTY THERETO FOR  LOSS  OF  BENEFITS  AS  A  RESULT  THEREOF;
 PROVIDED,  HOWEVER, THAT SUCH EXCHANGES OR SIMILAR ARRANGEMENTS SHALL BE
 LIMITED TO FIFTY PERCENT OF THE AMOUNT AUTHORIZED IN SUBDIVISION ONE  OF
 SECTION THIRTY-SEVEN HUNDRED FIFTY-SIX OF THIS TITLE TO PAY THE FINANCE-
 ABLE  COSTS  DESCRIBED IN PARAGRAPH (A) OF SUBDIVISION TWELVE OF SECTION
 THIRTY-SEVEN HUNDRED FIFTY-ONE OF THIS TITLE;
   10. TO PROCURE INSURANCE, LETTERS OF CREDIT OR OTHER  CREDIT  ENHANCE-
 MENT  WITH RESPECT TO ARRANGEMENTS DESCRIBED IN SUBDIVISION NINE OF THIS
 SECTION;
   11. TO ACCEPT GIFTS, GRANTS, LOANS OR CONTRIBUTIONS OF FUNDS OR FINAN-
 CIAL OR OTHER AID IN ANY FORM FROM THE CITY, COUNTY,  STATE  OR  FEDERAL
 GOVERNMENT  OR  ANY AGENCY OR INSTRUMENTALITY THEREOF, OR FROM ANY OTHER
 SOURCE AND TO EXPEND THE PROCEEDS FOR ANY OF ITS CORPORATE  PURPOSES  IN
 ACCORDANCE WITH THE PROVISIONS OF THIS TITLE;
   12.  SUBJECT  TO  THE  PROVISIONS OF ANY CONTRACT WITH BONDHOLDERS, TO
 INVEST ANY FUNDS HELD IN RESERVES OR SINKING FUNDS,  OR  ANY  FUNDS  NOT
 REQUIRED  FOR  IMMEDIATE  USE  OR DISBURSEMENT, AT THE DISCRETION OF THE
 AUTHORITY, IN (A) OBLIGATIONS OF THE STATE OR THE UNITED STATES  GOVERN-
 MENT, (B) OBLIGATIONS THE PRINCIPAL AND INTEREST OF WHICH ARE GUARANTEED
 BY THE STATE OR THE UNITED STATES GOVERNMENT, (C) CERTIFICATES OF DEPOS-
 IT,  WHETHER  NEGOTIABLE  OR NON-NEGOTIABLE, AND BANKER'S ACCEPTANCES OF
 ANY OF THE FIFTY LARGEST BANKS IN THE UNITED STATES WHICH BANK,  AT  THE
 TIME  OF INVESTMENT, HAS AN OUTSTANDING UNSECURED, UNINSURED AND UNGUAR-
 ANTEED DEBT ISSUE RANKED IN EITHER OF THE TWO HIGHEST RATING  CATEGORIES
 OF TWO NATIONALLY RECOGNIZED INDEPENDENT RATING AGENCIES, (D) COMMERCIAL
 PAPER  OF  ANY  BANK OR CORPORATION CREATED UNDER THE LAWS OF EITHER THE
 UNITED STATES OR ANY STATE OF THE UNITED STATES WHICH COMMERCIAL  PAPER,
 AT  THE  TIME  OF THE INVESTMENT, HAS RECEIVED THE HIGHEST RATING OF TWO
 NATIONALLY RECOGNIZED INDEPENDENT RATING  AGENCIES,  (E)  BONDS,  DEBEN-
 TURES,  OR  OTHER EVIDENCES OF INDEBTEDNESS, ISSUED OR GUARANTEED AT THE
 TIME OF THE INVESTMENT BY THE  FEDERAL  NATIONAL  MORTGAGE  ASSOCIATION,
 FEDERAL  HOME  LOAN MORTGAGE CORPORATION, STUDENT LOAN MARKETING ASSOCI-
 ATION, FEDERAL FARM CREDIT SYSTEM, OR ANY OTHER UNITED STATES GOVERNMENT
 SPONSORED AGENCY, PROVIDED THAT AT THE TIME OF THE INVESTMENT SUCH AGEN-
 CY RECEIVES, OR ITS OBLIGATIONS RECEIVE, ANY OF THE THREE HIGHEST RATING
 CATEGORIES OF TWO NATIONALLY RECOGNIZED INDEPENDENT RATING AGENCIES, (F)
 ANY BONDS OR OTHER OBLIGATIONS OF ANY STATE  OR  THE  UNITED  STATES  OF
 AMERICA  OR  OF ANY POLITICAL SUBDIVISION THEREOF OR ANY AGENCY, INSTRU-
 MENTALITY OR LOCAL GOVERNMENTAL UNIT OF  ANY  SUCH  STATE  OR  POLITICAL
 SUBDIVISION WHICH BONDS OR OTHER OBLIGATIONS, AT THE TIME OF THE INVEST-
 MENT,  HAVE  RECEIVED ANY OF THE THREE HIGHEST RATINGS OF TWO NATIONALLY
 RECOGNIZED INDEPENDENT RATING AGENCIES,  (G)  ANY  REPURCHASE  AGREEMENT
 WITH  ANY BANK OR TRUST COMPANY ORGANIZED UNDER THE LAWS OF ANY STATE OF
 THE UNITED STATES OF AMERICA OR  ANY  NATIONAL  BANKING  ASSOCIATION  OR
 GOVERNMENT  BOND  DEALER REPORTING TO, TRADING WITH, AND RECOGNIZED AS A
 S. 7497                             7
 
 PRIMARY DEALER BY THE FEDERAL RESERVE BANK OF NEW YORK, WHICH  AGREEMENT
 IS  SECURED  BY ANY ONE OR MORE OF THE SECURITIES DESCRIBED IN PARAGRAPH
 (A), (B) OR (E) OF THIS SUBDIVISION WHICH SECURITIES SHALL AT ALL  TIMES
 HAVE  A  MARKET VALUE OF NOT LESS THAN THE FULL AMOUNT OF THE REPURCHASE
 AGREEMENT AND BE DELIVERED TO ANOTHER BANK OR  TRUST  COMPANY  ORGANIZED
 UNDER  THE  LAWS  OF  NEW YORK STATE OR ANY NATIONAL BANKING ASSOCIATION
 DOMICILED IN NEW YORK STATE, AS CUSTODIAN, AND  (H)  REVERSE  REPURCHASE
 AGREEMENTS  WITH  ANY  BANK OR TRUST COMPANY ORGANIZED UNDER THE LAWS OF
 ANY STATE OF THE UNITED STATES OF AMERICA OR ANY NATIONAL BANKING  ASSO-
 CIATION OR GOVERNMENT BOND DEALER REPORTING TO, TRADING WITH, AND RECOG-
 NIZED AS A PRIMARY DEALER BY THE FEDERAL RESERVE BANK OF NEW YORK, WHICH
 AGREEMENT  IS  SECURED BY ANY ONE OR MORE OF THE SECURITIES DESCRIBED IN
 PARAGRAPH (A), (B) OR (E) OF THIS SUBDIVISION WHICH SECURITIES SHALL  AT
 ALL  TIMES  HAVE  A MARKET VALUE OF NOT LESS THAN THE FULL AMOUNT OF THE
 REPURCHASE AGREEMENT AND BE DELIVERED TO ANOTHER BANK OR  TRUST  COMPANY
 ORGANIZED UNDER THE LAWS OF NEW YORK STATE OR ANY NATIONAL BANKING ASSO-
 CIATION DOMICILED IN NEW YORK STATE, AS CUSTODIAN.
   13.  TO  APPOINT SUCH OFFICERS AND EMPLOYEES AS IT MAY REQUIRE FOR THE
 PERFORMANCE OF ITS DUTIES AND TO FIX AND DETERMINE THEIR QUALIFICATIONS,
 DUTIES, AND COMPENSATION, AND TO RETAIN OR EMPLOY COUNSEL, AUDITORS  AND
 PRIVATE  FINANCIAL CONSULTANTS AND OTHER SERVICES ON A CONTRACT BASIS OR
 OTHERWISE FOR RENDERING PROFESSIONAL, BUSINESS OR TECHNICAL SERVICES AND
 ADVICE; AND, IN TAKING SUCH ACTIONS, THE AUTHORITY  SHALL  CONSIDER  THE
 FINANCIAL IMPACT ON THE CITY; AND
   14.  TO DO ANY AND ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT ITS
 PURPOSES AND EXERCISE THE POWERS EXPRESSLY GIVEN  AND  GRANTED  IN  THIS
 TITLE;  PROVIDED,  HOWEVER,  SUCH AUTHORITY SHALL UNDER NO CIRCUMSTANCES
 ACQUIRE, HOLD OR TRANSFER TITLE TO, LEASE, OWN  BENEFICIALLY  OR  OTHER-
 WISE,  MANAGE, OPERATE OR OTHERWISE EXERCISE CONTROL OVER ANY REAL PROP-
 ERTY, ANY IMPROVEMENT TO REAL PROPERTY OR  ANY  INTEREST  THEREIN  OTHER
 THAN  A  LEASE OR SUBLEASE OF OFFICE SPACE DEEMED NECESSARY OR DESIRABLE
 BY THE AUTHORITY.
   § 3755. DECLARATION OF NEED. 1. THE CITY SHALL DETERMINE  AND  DECLARE
 WHETHER IT REQUESTS THE AUTHORITY TO UNDERTAKE A FINANCING OF COSTS. ANY
 SUCH REQUEST SHALL BE MADE BY THE MAYOR AND APPROVED BY THE LEGISLATURE.
 ANY  SUCH  FINANCING  SHALL  BE  CONSISTENT  WITH THE ADOPTED BUDGET AND
 FINANCIAL PLAN REQUIRED UNDER SECTIONS  THIRTY-SEVEN  HUNDRED  SIXTY-SIX
 AND THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, AS APPLICABLE.
   2.  UPON DECLARATION BY THE CITY OF SUCH NEED, THE MAYOR 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 CITY, AND THE CITY, ACTING
 BY THE MAYOR, 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  CITY,  INCLUDING  BUT  NOT  LIMITED TO THE MANNER OF PREPARATION OF
 BUDGET REPORTS AND FINANCIAL PLANS AS PROVIDED FOR IN  SECTIONS  THIRTY-
 SEVEN  HUNDRED  SIXTY-SIX  AND  THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS
 TITLE, AS APPLICABLE. THE AUTHORITY'S REVENUES SHALL NOT BE DEEMED FUNDS
 OF THE CITY. 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.
 S. 7497                             8
 
   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 CITY, (D) WHERE APPROPRIATE,
 PROVIDE FOR THE PAYMENT OF SUCH COSTS BY THE CITY UNDER  SUCH  CONTRACTS
 AS  SHALL  BE  AWARDED  BY  THE  CITY  OR FOR THE CITY TO MAKE A CAPITAL
 CONTRIBUTION OF SUCH PROCEEDS AS CITY FUNDS TO ANOTHER  ENTITY  FOR  THE
 PAYMENT  OR  REIMBURSEMENT OF SUCH COSTS, AND (E) REQUIRE EVERY CONTRACT
 ENTERED INTO BY THE CITY, OR ANOTHER ENTITY  RECEIVING  FUNDS  FROM  THE
 CITY,  FOR  COSTS TO BE FINANCED IN WHOLE OR IN PART BY THE AUTHORITY TO
 BE SUBJECT TO THE PROVISIONS OF THE CITY CHARTER  AND  OTHER  APPLICABLE
 LAWS GOVERNING CONTRACTS OF THE CITY OR SUCH ENTITY, AS THE CASE MAY BE.
 NOTHING  CONTAINED IN THIS TITLE SHALL RELIEVE OR MODIFY THE APPLICATION
 TO THE CITY OR ANY ENTITY ACTING ON BEHALF OF THE CITY  OR  ANY  COVERED
 ORGANIZATION  OF  THE  REQUIREMENTS OF LAW RELATING TO (I) CONTRACTS FOR
 PROCUREMENT, DESIGN, CONSTRUCTION, SERVICES AND MATERIALS, OR  (II)  THE
 PROVISIONS  OF 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 MAYOR SHALL REPORT TO THE
 AUTHORITY,  FISCAL  AFFAIRS  OFFICER,  THE  LEGISLATURE, THE STATE COMP-
 TROLLER, 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 CITY'S BUDGET OR FINANCIAL PLAN, ITS COMPLIANCE THEREWITH.
   § 3756. BONDS OF THE AUTHORITY. 1. (A) THE AUTHORITY  SHALL  HAVE  THE
 POWER  AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE BONDS IN SUCH
 PRINCIPAL AMOUNTS AS IT  MAY  DETERMINE  TO  BE  NECESSARY  PURSUANT  TO
 SECTION  THIRTY-SEVEN  HUNDRED  FIFTY-FIVE  OF  THIS  TITLE  TO  PAY ANY
 FINANCEABLE COSTS AND TO FUND RESERVES TO SECURE SUCH  BONDS,  INCLUDING
 INCIDENTAL  EXPENSES  IN  CONNECTION  THEREWITH.  PROVIDED, HOWEVER, THE
 AGGREGATE PRINCIPAL AMOUNTS OF SUCH BONDS ISSUED TO PAY THE  FINANCEABLE
 CITY  COSTS  DESCRIBED IN PARAGRAPH (C) OF SUBDIVISION TWELVE OF SECTION
 THIRTY-SEVEN HUNDRED  FIFTY-ONE  OF  THIS  TITLE,  WHICH  RESULTED  FROM
 CERTIORARI  PROCEEDINGS  COMMENCED  ON OR AFTER JUNE FIRST, TWO THOUSAND
 TWENTY-FIVE, SHALL NOT EXCEED  EIGHT  HUNDRED  MILLION  DOLLARS  IN  THE
 AGGREGATE, EXCLUDING BONDS, NOTES, OR OTHER OBLIGATIONS ISSUED TO REFUND
 OR OTHERWISE REPAY BONDS, NOTES, OR OTHER OBLIGATIONS THERETOFORE ISSUED
 FOR  SUCH  PURPOSES. EFFECTIVE IN THE YEAR TWO THOUSAND THIRTY-ONE, UPON
 REQUEST OF THE CITY, THE AUTHORITY SHALL ISSUE, IN THE AMOUNT REQUESTED,
 BONDS TO PAY TAX CERTIORARI SETTLEMENTS OR  JUDGMENTS  OF  ANY  KIND  TO
 WHICH  THE  CITY  IS A PARTY, NOT TO EXCEED FIFTEEN MILLION DOLLARS; AND
 EFFECTIVE IN THE YEAR TWO THOUSAND THIRTY-TWO, UPON REQUEST OF THE CITY,
 THE AUTHORITY SHALL ISSUE, IN THE AMOUNT REQUESTED,  BONDS  TO  PAY  TAX
 CERTIORARI  SETTLEMENTS  OR JUDGMENTS OF ANY KIND TO WHICH THE CITY IS A
 PARTY, NOT TO EXCEED TEN MILLION DOLLARS.  WHENEVER  THIS  TITLE  ESTAB-
 LISHES  A  LIMIT  ON THE PRINCIPAL AMOUNT OF BONDS THAT THE AUTHORITY IS
 AUTHORIZED TO ISSUE, THERE SHALL NOT BE COUNTED AGAINST SUCH  LIMIT  (I)
 AMOUNTS  DETERMINED BY THE AUTHORITY AS REASONABLE TO BE USED TO PAY THE
 COST OF ISSUING SUCH BONDS, (II) THE AMOUNT OF BONDS THAT WOULD  CONSTI-
 TUTE  INTEREST  UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND
 (III) AMOUNTS DETERMINED BY THE AUTHORITY AS NECESSARY TO ESTABLISH  ANY
 RESERVES.
 S. 7497                             9
 
   (B) THE AUTHORITY SHALL HAVE THE POWER FROM TIME TO TIME TO REFUND ANY
 BONDS  OF  THE AUTHORITY BY THE ISSUANCE OF NEW BONDS, WHETHER THE BONDS
 TO BE REFUNDED HAVE OR HAVE NOT MATURED, AND MAY ISSUE BONDS  PARTLY  TO
 REFUND  BONDS  OF  THE  AUTHORITY THEN OUTSTANDING AND PARTLY TO PAY THE
 FINANCEABLE COSTS PURSUANT TO SECTION THIRTY-SEVEN HUNDRED FIFTY-FIVE OF
 THIS TITLE. BONDS ISSUED BY THE AUTHORITY SHALL BE PAYABLE SOLELY OUT OF
 PARTICULAR  REVENUES  OR  OTHER MONEYS OF THE AUTHORITY AS MAY BE DESIG-
 NATED IN THE PROCEEDINGS OF THE AUTHORITY UNDER WHICH THE BONDS SHALL BE
 AUTHORIZED TO BE ISSUED, SUBJECT TO ANY AGREEMENTS ENTERED INTO  BETWEEN
 THE AUTHORITY AND THE CITY, AND SUBJECT TO ANY AGREEMENTS WITH THE HOLD-
 ERS OF OUTSTANDING BONDS PLEDGING ANY PARTICULAR REVENUES OR MONEYS; BUT
 IN  NO  EVENT SHALL TRANSITIONAL STATE AID BE PLEDGED AS SECURITY FOR OR
 BE MADE AVAILABLE FOR THE PAYMENT OF BONDS.
   2. THE AUTHORITY IS AUTHORIZED TO ISSUE ITS BONDS FOR A PERIOD  ENDING
 NOT  LATER  THAN  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND  FORTY-SIX. THE
 AUTHORITY MAY ISSUE BONDS TO  REFUND  BONDS  PREVIOUSLY  ISSUED  WITHOUT
 REGARD  TO THE LIMITATION IN THE FIRST SENTENCE OF THIS SUBDIVISION, BUT
 IN NO EVENT SHALL ANY BONDS OF THE AUTHORITY FINALLY MATURE  LATER  THAN
 JANUARY  THIRTY-FIRST,  TWO  THOUSAND  SEVENTY-SIX.  NOTWITHSTANDING ANY
 OTHER PROVISION OF LAW, NO BOND OF THE AUTHORITY SHALL MATURE MORE  THAN
 THIRTY YEARS FROM THE DATE OF ITS ISSUE.
   3.  BONDS  OF  THE  AUTHORITY  MAY  BE ISSUED, AMORTIZED, REDEEMED AND
 REFUNDED WITHOUT REGARD TO THE PROVISIONS  OF  THE  LOCAL  FINANCE  LAW;
 PROVIDED, HOWEVER, THAT THE PRINCIPAL AMOUNT OF OUTSTANDING BONDS ISSUED
 BY  THE  AUTHORITY SHALL BE DEEMED TO BE INDEBTEDNESS OF THE CITY SOLELY
 IN ASCERTAINING THE AMOUNT OF INDEBTEDNESS THE CITY MAY CONTRACT  PURSU-
 ANT TO THE LOCAL FINANCE LAW AND THE STATE CONSTITUTION AND THE AUTHORI-
 TY SHALL NOT EXCEED SUCH LIMITATION.
   4.  THE DIRECTORS MAY DELEGATE TO THE CHAIRPERSON OR OTHER DIRECTOR OR
 OFFICER OF THE AUTHORITY THE POWER TO SET THE FINAL TERMS OF BONDS.
   5. THE AUTHORITY IN ITS SOLE DISCRETION SHALL DETERMINE THAT THE ISSU-
 ANCE OF ITS BONDS IS APPROPRIATE. BONDS SHALL BE  AUTHORIZED  BY  RESOL-
 UTION  OF  THE  AUTHORITY.    BONDS SHALL BEAR INTEREST AT SUCH FIXED OR
 VARIABLE RATES AND SHALL BE IN SUCH  DENOMINATIONS,  BE  IN  SUCH  FORM,
 EITHER  COUPON OR REGISTERED, BE SOLD AT SUCH PUBLIC OR PRIVATE SALE, BE
 EXECUTED IN SUCH MANNER, BE DENOMINATED IN UNITED  STATES  CURRENCY,  BE
 PAYABLE  IN SUCH MEDIUM OF PAYMENT, AT SUCH PLACE AND BE SUBJECT TO SUCH
 TERMS OF REDEMPTION AS THE AUTHORITY MAY PROVIDE IN SUCH RESOLUTION.  NO
 BONDS  OF THE AUTHORITY MAY BE SOLD AT PRIVATE SALE UNLESS SUCH SALE AND
 THE TERMS THEREOF HAVE BEEN APPROVED IN WRITING BY (A) THE  STATE  COMP-
 TROLLER  WHERE  SUCH  SALE  IS  NOT TO THE STATE COMPTROLLER, OR (B) THE
 DIRECTOR OF THE BUDGET, WHERE SUCH SALE IS TO THE STATE COMPTROLLER.
   6. AS A CONDITION PRECEDENT TO AUTHORIZING THE ISSUANCE OF  ANY  BONDS
 HEREUNDER, THE AUTHORITY MAY INCLUDE IN ANY AGREEMENT WITH THE CITY SUCH
 PROVISIONS  AS  ARE  DEEMED  NECESSARY AND APPROPRIATE INCLUDING EXPRESS
 PROVISIONS  REGARDING  COMPLIANCE  WITH  SECTIONS  THIRTY-SEVEN  HUNDRED
 SIXTY-SIX  AND THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, AS APPLI-
 CABLE.
   7. ANY RESOLUTION OR RESOLUTIONS AUTHORIZING BONDS  OR  ANY  ISSUE  OF
 BONDS  MAY  CONTAIN  PROVISIONS WHICH MAY BE A PART OF THE CONTRACT WITH
 THE HOLDERS OF THE BONDS THEREBY AUTHORIZED AS TO:
   (A) PLEDGING ALL OR PART OF THE AUTHORITY'S  REVENUES,  TOGETHER  WITH
 ANY  OTHER MONEYS, SECURITIES OR CONTRACTS, TO SECURE THE PAYMENT OF THE
 BONDS, SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS MAY THEN EXIST;
   (B) THE SETTING ASIDE OF RESERVES AND THE CREATION  OF  SINKING  FUNDS
 AND THE REGULATION AND DISPOSITION THEREOF;
 S. 7497                            10
 
   (C) LIMITATIONS ON THE PURPOSES TO WHICH THE PROCEEDS FROM THE SALE OF
 BONDS MAY BE APPLIED;
   (D)  LIMITATIONS  ON  THE ISSUANCE OF ADDITIONAL BONDS, THE TERMS UPON
 WHICH ADDITIONAL BONDS MAY BE ISSUED AND SECURED AND  THE  REFUNDING  OF
 BONDS;
   (E)  THE  PROCEDURE,  IF  ANY, BY WHICH THE TERMS OF ANY CONTRACT WITH
 BONDHOLDERS MAY BE AMENDED OR ABROGATED,  INCLUDING  THE  PROPORTION  OF
 BONDHOLDERS  WHICH  MUST  CONSENT  THERETO  AND THE MANNER IN WHICH SUCH
 CONSENT MAY BE GIVEN;
   (F) VESTING IN A TRUSTEE OR TRUSTEES SUCH PROPERTIES,  RIGHTS,  POWERS
 AND  DUTIES  IN  TRUST AS THE AUTHORITY MAY DETERMINE, WHICH MAY INCLUDE
 ANY OR ALL OF THE RIGHTS, POWERS AND DUTIES OF THE TRUSTEE APPOINTED  BY
 THE  BONDHOLDERS  PURSUANT TO SECTION THIRTY-SEVEN HUNDRED SIXTY-FOUR OF
 THIS TITLE AND LIMITING OR ABROGATING THE RIGHTS OF THE  BONDHOLDERS  TO
 APPOINT  A TRUSTEE UNDER SUCH SECTION OR LIMITING THE RIGHTS, DUTIES AND
 POWERS OF SUCH TRUSTEE; AND
   (G) DEFINING THE ACTS OR OMISSIONS  TO  ACT  WHICH  MAY  CONSTITUTE  A
 DEFAULT  IN THE OBLIGATIONS AND DUTIES OF THE AUTHORITY TO THE BONDHOLD-
 ERS AND PROVIDING FOR THE RIGHTS AND REMEDIES OF THE BONDHOLDERS IN  THE
 EVENT OF SUCH DEFAULT, INCLUDING AS A MATTER OF RIGHT THE APPOINTMENT OF
 A  RECEIVER; PROVIDED, HOWEVER, THAT SUCH ACTS OR OMISSIONS TO ACT WHICH
 MAY CONSTITUTE A DEFAULT AND SUCH  RIGHTS  AND  REMEDIES  SHALL  NOT  BE
 INCONSISTENT  WITH THE GENERAL LAWS OF THE STATE AND OTHER PROVISIONS OF
 THIS TITLE.
   8. IN ADDITION TO THE POWERS HEREIN CONFERRED UPON  THE  AUTHORITY  TO
 SECURE  ITS BONDS, THE AUTHORITY SHALL HAVE POWER IN CONNECTION WITH THE
 ISSUANCE OF BONDS TO ENTER INTO SUCH AGREEMENTS FOR THE BENEFIT  OF  THE
 BONDHOLDERS AS THE AUTHORITY MAY DEEM NECESSARY, CONVENIENT OR DESIRABLE
 CONCERNING  THE  USE  OR  DISPOSITION  OF  ITS REVENUES OR OTHER MONEYS,
 INCLUDING THE ENTRUSTING, PLEDGING OR CREATION  OF  ANY  OTHER  SECURITY
 INTEREST  IN ANY SUCH REVENUES, MONEYS AND THE DOING OF ANY ACT, INCLUD-
 ING REFRAINING FROM DOING ANY ACT, WHICH THE AUTHORITY  WOULD  HAVE  THE
 RIGHT  TO DO IN THE ABSENCE OF SUCH AGREEMENTS. THE AUTHORITY SHALL HAVE
 POWER TO ENTER INTO AMENDMENTS OF ANY SUCH AGREEMENTS WITHIN THE  POWERS
 GRANTED  TO  THE AUTHORITY BY THIS TITLE AND TO PERFORM SUCH AGREEMENTS.
 THE PROVISIONS OF ANY SUCH AGREEMENTS MAY BE MADE A PART OF THE CONTRACT
 WITH THE HOLDERS OF BONDS OF THE AUTHORITY.
   9. NOTWITHSTANDING ANY PROVISION OF THE UNIFORM COMMERCIAL CODE TO THE
 CONTRARY, ANY PLEDGE OF OR OTHER SECURITY INTEREST IN REVENUES,  MONEYS,
 ACCOUNTS, CONTRACT RIGHTS, GENERAL INTANGIBLES OR OTHER PERSONAL PROPER-
 TY  MADE  OR  CREATED  BY  THE  AUTHORITY  SHALL  BE  VALID, BINDING AND
 PERFECTED FROM THE TIME WHEN SUCH  PLEDGE  IS  MADE  OR  OTHER  SECURITY
 INTEREST  ATTACHES  WITHOUT  ANY  PHYSICAL DELIVERY OF THE COLLATERAL OR
 FURTHER ACT, AND THE LIEN OF ANY SUCH PLEDGE OR OTHER SECURITY  INTEREST
 SHALL  BE VALID, BINDING AND PERFECTED AGAINST ALL PARTIES HAVING CLAIMS
 OF ANY KIND IN TORT, CONTRACT OR OTHERWISE AGAINST THE  AUTHORITY  IRRE-
 SPECTIVE  OF  WHETHER SUCH PARTIES HAVE NOTICE THEREOF. NO INSTRUMENT BY
 WHICH SUCH A PLEDGE OR SECURITY INTEREST IS CREATED  NOR  ANY  FINANCING
 STATEMENT NEED BE RECORDED OR FILED.
   10.  WHETHER  OR  NOT  THE BONDS OF THE AUTHORITY ARE OF SUCH FORM AND
 CHARACTER AS TO BE NEGOTIABLE INSTRUMENTS UNDER THE TERMS OF THE UNIFORM
 COMMERCIAL CODE, THE BONDS ARE HEREBY MADE NEGOTIABLE INSTRUMENTS WITHIN
 THE MEANING OF AND FOR ALL THE PURPOSES OF THE UNIFORM COMMERCIAL  CODE,
 SUBJECT ONLY TO THE PROVISIONS OF THE BONDS FOR REGISTRATION.
   11.  NEITHER  THE  DIRECTORS OF THE AUTHORITY NOR ANY PERSON EXECUTING
 BONDS SHALL BE LIABLE PERSONALLY THEREON OR BE SUBJECT TO  ANY  PERSONAL
 S. 7497                            11
 
 LIABILITY  OR  ACCOUNTABILITY  SOLELY BY REASON OF THE ISSUANCE THEREOF.
 THE BONDS OR OTHER OBLIGATIONS OF THE AUTHORITY SHALL NOT BE A  DEBT  OF
 EITHER  THE  STATE OR THE CITY, AND NEITHER THE STATE NOR THE CITY SHALL
 BE LIABLE THEREON, NOR SHALL THEY BE PAYABLE OUT OF ANY FUNDS OTHER THAN
 THOSE OF THE AUTHORITY; AND SUCH BONDS SHALL CONTAIN ON THE FACE THEREOF
 A STATEMENT TO SUCH EFFECT.
   12. THE AUTHORITY, SUBJECT TO SUCH AGREEMENTS WITH BONDHOLDERS AS THEN
 MAY  EXIST,  SHALL  HAVE POWER TO PURCHASE BONDS OF THE AUTHORITY OUT OF
 ANY MONEYS AVAILABLE THEREFOR, WHICH SHALL THEREUPON BE CANCELLED.
   § 3757. 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  ALL
 MONEY  OF  THE AUTHORITY FROM WHATEVER SOURCES DERIVED INCLUDING (A) TAX
 REVENUES; (B) THE PROCEEDS OF BONDS; AND (C) ANY OTHER  PAYMENTS,  GIFTS
 OR APPROPRIATIONS TO THE AUTHORITY FROM ANY OTHER SOURCE.
   2. SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH BONDHOLDERS, (A) THE
 MONEY  OF  THE AUTHORITY SHALL BE PAID TO THE AUTHORITY AND SHALL NOT BE
 COMMINGLED WITH ANY OTHER MONEY, AND  (B)  ALL  MONEY  RECEIVED  BY  THE
 AUTHORITY  WHICH,  TOGETHER  WITH OTHER MONEY OF THE AUTHORITY AVAILABLE
 FOR THE EXPENSES OF THE AUTHORITY,  THE  PAYMENT  OF  DEBT  SERVICE  AND
 PAYMENTS  TO  RESERVE  FUNDS,  EXCEEDS  THE  AMOUNT  REQUIRED  FOR  SUCH
 PURPOSES,  AS  DETERMINED  BY  THE  AUTHORITY,  SHALL,  SUBJECT  TO  THE
 PROVISIONS  OF  SUBDIVISION  SIX OF THIS SECTION AND TO THE TERMS OF ANY
 AGREEMENT BETWEEN THE AUTHORITY AND THE CITY, BE TRANSFERRED TO THE CITY
 AS FREQUENTLY AS PRACTICABLE.
   3. THE MONEY IN ANY OF THE AUTHORITY'S ACCOUNTS SHALL BE PAID  OUT  ON
 CHECKS  SIGNED BY THE TREASURER OF THE AUTHORITY, OR BY OTHER LAWFUL AND
 APPROPRIATE MEANS SUCH AS WIRE OR ELECTRONIC TRANSFER,  ON  REQUISITIONS
 OF  THE  CHAIRPERSON  OF  THE  AUTHORITY OR OF SUCH OTHER OFFICER AS THE
 DIRECTORS SHALL AUTHORIZE TO MAKE SUCH REQUISITION,  OR  PURSUANT  TO  A
 BOND RESOLUTION OR TRUST INDENTURE.
   4.  ALL DEPOSITS OF AUTHORITY MONEY SHALL BE SECURED BY OBLIGATIONS OF
 THE UNITED STATES OR OF THE STATE OR OF THE CITY AT A  MARKET  VALUE  AT
 LEAST EQUAL AT ALL TIMES TO THE AMOUNT OF THE DEPOSIT, AND ALL BANKS AND
 TRUST  COMPANIES ARE AUTHORIZED TO GIVE SUCH SECURITY FOR SUCH DEPOSITS.
 THE AUTHORITY SHALL HAVE THE POWER, NOTWITHSTANDING  THE  PROVISIONS  OF
 THIS SECTION, TO CONTRACT WITH THE HOLDERS OF ANY OF ITS BONDS AS TO THE
 CUSTODY,  COLLECTION,  SECURING,  INVESTMENT AND PAYMENT OF ANY MONEY OF
 THE AUTHORITY OR ANY MONEY HELD IN TRUST OR OTHERWISE FOR THE PAYMENT OF
 BONDS OR IN ANY WAY TO SECURE BONDS, AND TO CARRY OUT ANY SUCH  CONTRACT
 NOTWITHSTANDING  THAT  SUCH  CONTRACT MAY BE INCONSISTENT WITH THE OTHER
 PROVISIONS OF THIS TITLE. MONEY HELD  IN  TRUST  OR  OTHERWISE  FOR  THE
 PAYMENT  OF  BONDS  OR  IN  ANY WAY TO SECURE BONDS AND DEPOSITS OF SUCH
 MONEY MAY BE SECURED IN THE SAME MANNER AS MONEY OF THE  AUTHORITY,  AND
 ALL  BANKS  AND TRUST COMPANIES ARE AUTHORIZED TO GIVE SUCH SECURITY FOR
 SUCH DEPOSITS.
   5. TAX REVENUES RECEIVED BY THE AUTHORITY PURSUANT TO  SECTION  TWELVE
 HUNDRED  SIXTY-ONE  OF  THE  TAX  LAW,  TOGETHER WITH ANY OTHER REVENUES
 RECEIVED BY THE AUTHORITY, SHALL BE APPLIED IN THE  FOLLOWING  ORDER  OF
 PRIORITY:  FIRST PURSUANT TO THE AUTHORITY'S CONTRACTS WITH BONDHOLDERS,
 THEN TO PAY THE AUTHORITY'S OPERATING EXPENSES  NOT  OTHERWISE  PROVIDED
 FOR,  AND  THEN, SUBJECT TO THE AUTHORITY'S AGREEMENTS WITH THE CITY, TO
 TRANSFER THE BALANCE OF SUCH TAX REVENUES NOT REQUIRED TO MEET  CONTRAC-
 TUAL  OR OTHER OBLIGATIONS OF THE AUTHORITY TO THE CITY AS FREQUENTLY AS
 PRACTICABLE.
 S. 7497                            12
 
   6. (A) THIS SUBDIVISION  SHALL  APPLY  ONLY  TO  REVENUE  ANTICIPATION
 NOTES,  INCLUDING RENEWALS THEREOF, ISSUED BY THE CITY DURING ITS FISCAL
 YEAR ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-FIVE,  IN  ANTIC-
 IPATION  OF THE RECEIPT OF CITY TAX REVENUES, AND ONLY TO SUCH ISSUES OF
 REVENUE  ANTICIPATION  NOTES  AS  TO  WHICH THE CERTIFICATE DESCRIBED IN
 PARAGRAPH (B) OF THIS SUBDIVISION IS FILED.
   (B) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION FIVE OF THIS SECTION
 WITH RESPECT TO THE TRANSFER OF THE BALANCE OF TAX REVENUES TO THE CITY,
 PRIOR TO THE DELIVERY OF EACH SUCH ISSUE OF REVENUE ANTICIPATION  NOTES,
 THE  CHIEF  FISCAL  OFFICER  OF THE CITY SHALL FILE WITH THE AUTHORITY A
 REQUEST THAT THE AUTHORITY ESTABLISH A CITY OF  DUNKIRK  REVENUE  ANTIC-
 IPATION  NOTE  WITHHOLDING  FUND  WHICH  SHALL CONSTITUTE A SPECIAL BANK
 ACCOUNT FOR PURPOSES OF PARAGRAPH  G  OF  SECTION  25.00  OF  THE  LOCAL
 FINANCE LAW. SUCH REQUEST BY SUCH CHIEF FISCAL OFFICER SHALL BE ACCOMPA-
 NIED  BY  A CERTIFICATE SETTING FORTH WITH RESPECT TO SUCH ISSUE (I) THE
 PRINCIPAL AMOUNT, (II) THE DATE OF ISSUE, (III) THE MATURITY DATE,  (IV)
 THE  INTEREST  RATE OR RATES, (V) IF INTEREST SHALL BE PAYABLE OTHERWISE
 THAN AT MATURITY, THE DATE OR DATES FOR THE PAYMENT  THEREOF,  (VI)  THE
 NAME AND ADDRESS OF THE PAYING AGENT, (VII) THE NAME AND ADDRESS OF EACH
 PURCHASER,  OR,  IF A PURCHASER SHALL BE A SYNDICATE OR SIMILAR ACCOUNT,
 THE NAME AND ADDRESS OF EACH MANAGING UNDERWRITER OF SUCH  SYNDICATE  OR
 SIMILAR  ACCOUNT,  (VIII)  THE  AMOUNT PAYABLE ON EACH PRINCIPAL PAYMENT
 DATE AND INTEREST PAYMENT DATE, AND (IX) A SCHEDULE  SETTING  FORTH  THE
 TOTAL  AMOUNT  OF  CITY TAX REVENUES ANTICIPATED TO BE RECEIVED, AND THE
 EXPECTED DATE OR DATES OF ANTICIPATED RECEIPT OF SUCH CITY TAX REVENUES.
 SUCH CERTIFICATE SHALL BE ACCOMPANIED BY A  STATEMENT  EXECUTED  BY  THE
 CHIEF  FISCAL  OFFICER CERTIFYING THAT THE AMOUNTS AND TIMES OF PAYMENTS
 OF CITY TAX REVENUES CONTAINED IN SUCH SCHEDULE HAVE BEEN  ESTIMATED  BY
 THE  USE  OF  REASONABLE AND APPROPRIATE DATA AND METHODS OF ESTIMATION,
 ALL IN ACCORDANCE WITH APPLICABLE LAW.
   (C) ALL SUCH REVENUE ANTICIPATION NOTES, IN ADDITION TO  A  PLEDGE  OF
 THE  FAITH AND CREDIT OF THE CITY FOR THE PAYMENT THEREOF, SHALL CONTAIN
 A RECITAL TO THE EFFECT THAT THEY ARE ENTITLED TO THE  BENEFITS  OF  THE
 PROVISIONS OF THIS SUBDIVISION.
   (D)  COMMENCING  ON  THE  DATE NOT LESS THAN FIVE DAYS PRIOR TO AND ON
 EACH DAY THEREAFTER UP TO AND INCLUDING ANY  PRINCIPAL  AND/OR  INTEREST
 PAYMENT  DATE  REFERRED  TO IN THE CERTIFICATE FILED BY THE CHIEF FISCAL
 OFFICER WITH THE AUTHORITY PURSUANT TO PARAGRAPH (B)  OF  THIS  SUBDIVI-
 SION,  THE AUTHORITY SHALL PAY TO SUCH PAYING AGENT FROM CITY TAX REVEN-
 UES TRANSFERRED AND CREDITED BY THE AUTHORITY TO  THE  CITY  OF  DUNKIRK
 REVENUE  ANTICIPATION NOTE WITHHOLDING FUND AS PROVIDED IN PARAGRAPH (E)
 OF THIS SUBDIVISION THE AMOUNT REQUIRED TO PAY  IN  FULL  THE  PRINCIPAL
 AND/OR  INTEREST  DUE  ON SUCH PAYMENT DATE AS SET FORTH IN SUCH CERTIF-
 ICATE. MONEYS SO PAID SHALL PASS IMMEDIATELY FROM THE AUTHORITY AND VEST
 IN SUCH PAYING AGENT IN TRUST FOR THE BENEFIT  OF  THE  HOLDERS  OF  THE
 REVENUE  ANTICIPATION  NOTES TO WHICH SUCH CERTIFICATE RELATES. NO OTHER
 PERSON HAVING ANY CLAIM OF ANY  KIND  IN  TORT,  CONTRACT  OR  OTHERWISE
 AGAINST  THE  CITY  SHALL  HAVE ANY RIGHT TO OR CLAIM AGAINST THE MONEYS
 HELD BY SUCH PAYING AGENT, AND SUCH MONEYS SHALL NOT BE SUBJECT  TO  ANY
 ORDER,  JUDGMENT, LIEN, EXECUTION, ATTACHMENT, SETOFF OR COUNTERCLAIM BY
 ANY SUCH OTHER PERSON. SUCH MONEYS SHALL BE HELD BY SUCH PAYING AGENT IN
 A SEPARATE TRUST ACCOUNT AND SHALL BE APPLIED ONLY TO THE PAYMENT OF THE
 PRINCIPAL AND/OR  INTEREST  DUE  ON  SUCH  REVENUE  ANTICIPATION  NOTES,
 PROVIDED,  HOWEVER,  THAT  THE CONTRACT BY AND BETWEEN THE CITY AND SUCH
 PAYING AGENT MAY PROVIDE FOR (I) THE INVESTMENT BY SUCH PAYING AGENT  OF
 SUCH  MONEYS  IN DIRECT OBLIGATIONS OF, OR IN OBLIGATIONS GUARANTEED BY,
 S. 7497                            13
 
 THE UNITED STATES OF AMERICA, PROVIDED SUCH OBLIGATIONS SHALL BE PAYABLE
 OR REDEEMABLE AT THE OPTION OF  THE  HOLDER  WITHIN  SUCH  TIME  AS  THE
 PROCEEDS  SHALL  BE  NEEDED TO PAY SUCH PRINCIPAL AND/OR INTEREST DUE ON
 SUCH  REVENUE  ANTICIPATION NOTES, AND (II) THE USE BY SUCH PAYING AGENT
 OF SUCH MONEYS FOR THE PURCHASE OF DIRECT OBLIGATIONS OF, OR OBLIGATIONS
 GUARANTEED BY, THE UNITED STATES OF AMERICA UNDER ONE OR MORE REPURCHASE
 AGREEMENTS WITH ANY BANK OR TRUST COMPANY HAVING ITS PRINCIPAL OFFICE IN
 THE STATE OF NEW YORK, PROVIDED THAT ANY SUCH REPURCHASE AGREEMENT SHALL
 PROVIDE FOR THE REPURCHASE OF SUCH OBLIGATIONS WITHIN SUCH TIME AS  SUCH
 MONEYS  ARE  NEEDED  TO  PAY  THE  PRINCIPAL AND/OR INTEREST DUE ON SUCH
 REVENUE ANTICIPATION NOTES AT A REPURCHASE PRICE AT LEAST SUFFICIENT  TO
 MAKE  THE  AMOUNT  SO  INVESTED  AVAILABLE  FOR THE PAYMENT OF PRINCIPAL
 AND/OR INTEREST DUE ON SUCH REVENUE ANTICIPATION  NOTES,  AND  PROVIDED,
 FURTHER,  THAT,  AT  THE TIME OF SUCH PURCHASE, THE MARKET VALUE OF SUCH
 OBLIGATIONS SHALL BE AT LEAST EQUAL TO ONE HUNDRED TWO PER CENTUM OF THE
 AMOUNT SO INVESTED. NO PERSON HAVING ANY CLAIM  OF  ANY  KIND  IN  TORT,
 CONTRACT  OR OTHERWISE AGAINST THE CITY SHALL HAVE ANY RIGHT TO OR CLAIM
 AGAINST ANY MONEYS IN ANTICIPATION OF WHICH SUCH NOTES HAVE BEEN ISSUED,
 OTHER THAN A CLAIM FOR PAYMENT BY THE HOLDERS OF SUCH  NOTES,  AND  SUCH
 MONEYS  SHALL  NOT  BE  SUBJECT TO ANY ORDER, JUDGMENT, LIEN, EXECUTION,
 ATTACHMENT, SETOFF OR COUNTERCLAIM BY ANY SUCH PERSON.   NOTWITHSTANDING
 ANY  PROVISION  OF  LAW  TO  THE CONTRARY, NO INSTRUMENT RELATING TO ANY
 TRANSACTION AUTHORIZED OR CONTEMPLATED BY THIS PARAGRAPH NEED  BE  FILED
 UNDER THE PROVISIONS OF THE UNIFORM COMMERCIAL CODE.
   (E) COMMENCING ON THE DAY WHEN THE AUTHORITY DETERMINES THAT THE PRIN-
 CIPAL AND INTEREST DUE OR TO COME DUE ON SUCH OUTSTANDING REVENUE ANTIC-
 IPATION  NOTES  ISSUED AGAINST SUCH CITY TAX REVENUES IN ACCORDANCE WITH
 THE PROVISIONS OF THIS SUBDIVISION SHALL EQUAL THE AMOUNT OF  SUCH  CITY
 TAX  REVENUES  AS  SET FORTH ON THE SCHEDULE INCLUDED IN THE CERTIFICATE
 FILED WITH THE AUTHORITY PURSUANT TO PARAGRAPH (B) OF  THIS  SUBDIVISION
 REMAINING  TO  BE  PAID  TO THE CITY ON OR PRIOR TO ANY PRINCIPAL AND/OR
 INTEREST PAYMENT DATE, THE AUTHORITY SHALL DEDUCT AND WITHHOLD FROM  THE
 AMOUNT OF SUCH CITY TAX REVENUES OTHERWISE PAYABLE TO THE CITY AN AMOUNT
 SUFFICIENT  TO  PAY, WHEN DUE, THE PRINCIPAL OF AND INTEREST ON ALL SUCH
 REVENUE ANTICIPATION NOTES ISSUED AND THEN OUTSTANDING  IN  ANTICIPATION
 THEREOF. AMOUNTS SO DEDUCTED AND WITHHELD SHALL BE TRANSFERRED AND CRED-
 ITED  BY  THE  AUTHORITY  TO  THE  ACCOUNT ESTABLISHED FOR SUCH CITY TAX
 REVENUES IN THE CITY OF DUNKIRK REVENUE  ANTICIPATION  NOTE  WITHHOLDING
 FUND  ESTABLISHED  BY  THE AUTHORITY IN ACCORDANCE WITH THE CHIEF FISCAL
 OFFICER'S REQUEST PURSUANT TO PARAGRAPH (B)  OF  THIS  SUBDIVISION.  THE
 PAYMENTS  REQUIRED TO BE MADE BY THE AUTHORITY PURSUANT TO PARAGRAPH (D)
 OF THIS SUBDIVISION SHALL  BE  MADE  FROM  AMOUNTS  ON  DEPOSIT  IN  THE
 ACCOUNTS  ESTABLISHED  FOR SUCH CITY TAX REVENUES IN THE CITY OF DUNKIRK
 REVENUE ANTICIPATION NOTE WITHHOLDING FUND.
   (F) NOTWITHSTANDING ANY OTHER PROVISION OF THIS  SUBDIVISION,  AT  THE
 EXPIRATION  OF  ONE  HUNDRED  EIGHTY DAYS AFTER THE MATURITY DATE OF ANY
 ISSUE OF REVENUE  ANTICIPATION  NOTES  ISSUED  IN  ACCORDANCE  WITH  THE
 PROVISIONS  OF  THIS  SUBDIVISION,  THE AMOUNTS HELD BY THE PAYING AGENT
 THEREOF FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES OF
 SUCH ISSUE WHICH HAVE NOT BEEN PRESENTED FOR PAYMENT SHALL BE PAID  OVER
 AND REMITTED BY SUCH PAYING AGENT TO THE CITY AND THEREAFTER THE HOLDERS
 OF SUCH NOTES SHALL LOOK ONLY TO THE CITY FOR SUCH PAYMENT.
   (G)  ALL  OTHER  PROVISIONS  OF THE LOCAL FINANCE LAW NOT INCONSISTENT
 WITH THE PROVISIONS OF THIS SUBDIVISION SHALL CONTINUE TO APPLY  TO  THE
 AUTHORIZATION AND ISSUANCE OF REVENUE ANTICIPATION NOTES BY THE CITY.
 S. 7497                            14
 
   §  3758. AGREEMENT WITH THE STATE. THE STATE DOES HEREBY PLEDGE TO AND
 AGREE WITH THE HOLDERS OF ANY ISSUE OF BONDS  ISSUED  BY  THE  AUTHORITY
 PURSUANT  TO THIS TITLE AND SECURED BY SUCH A PLEDGE THAT THE STATE WILL
 NOT LIMIT, ALTER OR IMPAIR THE RIGHTS HEREBY VESTED IN THE AUTHORITY  TO
 FULFILL  THE  TERMS OF ANY AGREEMENTS MADE WITH SUCH HOLDERS PURSUANT TO
 THIS TITLE, OR IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF SUCH HOLDERS
 OR THE SECURITY FOR SUCH BONDS  UNTIL  SUCH  BONDS,  TOGETHER  WITH  THE
 INTEREST  THEREON  AND  ALL  COSTS  AND  EXPENSES IN CONNECTION WITH ANY
 ACTION OR PROCEEDING BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY PAID AND
 DISCHARGED. THE AUTHORITY IS  AUTHORIZED  TO  INCLUDE  THIS  PLEDGE  AND
 AGREEMENT  OF THE STATE IN ANY AGREEMENT WITH THE HOLDERS OF SUCH BONDS.
 NOTHING CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT THE RIGHT OF
 THE STATE TO AMEND, MODIFY, REPEAL OR OTHERWISE ALTER STATUTES  IMPOSING
 OR  RELATING  TO  TAXES OR FEES, OR APPROPRIATIONS RELATING THERETO. THE
 AUTHORITY SHALL NOT INCLUDE WITHIN ANY RESOLUTION, CONTRACT OR AGREEMENT
 WITH HOLDERS OF THE BONDS ISSUED UNDER THIS TITLE  ANY  PROVISION  WHICH
 PROVIDES  THAT  A DEFAULT OCCURS AS A RESULT OF THE STATE EXERCISING ITS
 RIGHT TO AMEND, REPEAL, MODIFY OR OTHERWISE ALTER SUCH TAXES,  FEES,  OR
 APPROPRIATIONS.  NOTHING  IN  THIS TITLE SHALL BE DEEMED TO OBLIGATE THE
 STATE TO MAKE ANY PAYMENTS OR IMPOSE  ANY  TAXES  TO  SATISFY  THE  DEBT
 SERVICE OBLIGATIONS OF THE AUTHORITY.
   §  3759.  AGREEMENT WITH THE CITY. THE CITY IS AUTHORIZED TO PLEDGE TO
 AND AGREE WITH THE HOLDERS OF ANY ISSUE OF BONDS ISSUED BY THE AUTHORITY
 PURSUANT TO THIS TITLE AND SECURED BY SUCH A PLEDGE THAT THE  CITY  WILL
 NOT  LIMIT, ALTER OR IMPAIR THE RIGHTS HEREBY VESTED IN THE AUTHORITY TO
 FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH SUCH HOLDERS  PURSUANT  TO
 THIS TITLE, OR IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF SUCH HOLDERS
 OR  THE  SECURITY  FOR  SUCH  BONDS  UNTIL SUCH BONDS, TOGETHER WITH THE
 INTEREST THEREON AND ALL COSTS  AND  EXPENSES  IN  CONNECTION  WITH  ANY
 ACTION OR PROCEEDING BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY PAID AND
 DISCHARGED.  NOTHING CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT
 ANY RIGHT OF THE CITY TO AMEND, MODIFY OR OTHERWISE  ALTER  LOCAL  LAWS,
 ORDINANCES  OR  RESOLUTIONS  IMPOSING  OR  RELATING TO THE TAXES IMPOSED
 PURSUANT TO THE AUTHORITY OF ARTICLE TWENTY-NINE OF THE TAX LAW OR OTHER
 TAXES OR FEES OR APPROPRIATIONS RELATED TO ANY SUCH TAXES  OR  FEES,  SO
 LONG  AS,  AFTER  GIVING EFFECT TO SUCH AMENDMENT, MODIFICATION OR OTHER
 ALTERATION, THE AMOUNT OF TAX REVENUES PROJECTED BY THE AUTHORITY TO  BE
 AVAILABLE  DURING  EACH OF ITS FISCAL YEARS FOLLOWING THE EFFECTIVE DATE
 OF SUCH AMENDMENT, MODIFICATION OR OTHER ALTERATION SHALL  BE  NOT  LESS
 THAN  TWO  HUNDRED  PERCENT  OF MAXIMUM ANNUAL DEBT SERVICE ON AUTHORITY
 BONDS THEN OUTSTANDING. SUBJECT TO THE FOREGOING SENTENCE, THE AUTHORITY
 SHALL NOT INCLUDE IN ANY RESOLUTION,  CONTRACT  OR  AGREEMENT  WITH  THE
 HOLDERS  OF ITS BONDS ANY PROVISION WHICH PROVIDES THAT A DEFAULT OCCURS
 AS A RESULT OF THE CITY EXERCISING ITS RIGHT TO AMEND, MODIFY, OR OTHER-
 WISE ALTER SUCH TAXES IMPOSED PURSUANT TO THE AUTHORITY OF ARTICLE TWEN-
 TY-NINE OF THE TAX LAW OR OTHER TAXES OR FEES.  NOTHING  IN  THIS  TITLE
 SHALL  BE  DEEMED  TO  OBLIGATE  THE CITY TO MAKE ADDITIONAL PAYMENTS OR
 IMPOSE TAXES OTHER THAN THOSE IMPOSED PURSUANT TO THE AUTHORITY OF PARA-
 GRAPH ONE OF SUBDIVISION (A) OF SECTION TWELVE HUNDRED TEN  OF  THE  TAX
 LAW TO SATISFY THE DEBT SERVICE OBLIGATIONS OF THE AUTHORITY.
   §  3760.  BONDS  LEGAL  FOR  INVESTMENT  AND DEPOSIT. THE BONDS OF THE
 AUTHORITY ARE HEREBY MADE SECURITIES IN WHICH ALL  PUBLIC  OFFICERS  AND
 BODIES  OF  THE  STATE  AND  ALL PUBLIC CORPORATIONS, MUNICIPALITIES AND
 MUNICIPAL SUBDIVISIONS, ALL INSURANCE  COMPANIES  AND  ASSOCIATIONS  AND
 OTHER  PERSONS  CARRYING  ON  AN INSURANCE BUSINESS, ALL BANKS, BANKERS,
 TRUST  COMPANIES,  SAVINGS  BANKS  AND  SAVINGS  ASSOCIATIONS  INCLUDING
 S. 7497                            15
 
 SAVINGS  AND  LOAN ASSOCIATIONS, BUILDING AND LOAN ASSOCIATIONS, INVEST-
 MENT COMPANIES AND OTHER PERSONS CARRYING ON  A  BANKING  BUSINESS,  ALL
 ADMINISTRATORS,  CONSERVATORS,  GUARDIANS, EXECUTORS, TRUSTEES AND OTHER
 FIDUCIARIES,  AND  ALL OTHER PERSONS WHATSOEVER WHO ARE NOW OR MAY HERE-
 AFTER BE AUTHORIZED TO INVEST IN BONDS OR IN OTHER  OBLIGATIONS  OF  THE
 STATE,  MAY  PROPERLY  AND  LEGALLY  INVEST FUNDS, INCLUDING CAPITAL, IN
 THEIR CONTROL OR BELONGING TO THEM. THE BONDS ARE ALSO HEREBY MADE SECU-
 RITIES WHICH MAY BE DEPOSITED WITH AND MAY BE  RECEIVED  BY  ALL  PUBLIC
 OFFICERS  AND  BODIES  OF  THE  STATE  AND ALL MUNICIPALITIES AND PUBLIC
 CORPORATIONS FOR ANY PURPOSE FOR WHICH THE DEPOSIT  OF  BONDS  OR  OTHER
 OBLIGATIONS OF THE STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED.
   §  3761.  TAX EXEMPTION AND TAX CONTRACT BY THE STATE. 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 BENEFIT OF THE PEOPLE
 OF  THE  STATE  OF  NEW  YORK AND ARE PUBLIC PURPOSES.  ACCORDINGLY, THE
 AUTHORITY SHALL BE REGARDED  AS  PERFORMING  AN  ESSENTIAL  GOVERNMENTAL
 FUNCTION  IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE.
 THE PROPERTY OF THE AUTHORITY, ITS INCOME AND ITS  OPERATIONS  SHALL  BE
 EXEMPT  FROM  TAXATION,  ASSESSMENTS, SPECIAL ASSESSMENTS AND AD VALOREM
 LEVIES. THE AUTHORITY SHALL NOT BE REQUIRED  TO  PAY  ANY  FEES,  TAXES,
 SPECIAL  AD  VALOREM LEVIES OR ASSESSMENTS OF ANY KIND, WHETHER STATE OR
 LOCAL, INCLUDING, BUT NOT LIMITED TO, FEES, TAXES,  SPECIAL  AD  VALOREM
 LEVIES  OR ASSESSMENTS ON REAL PROPERTY, FRANCHISE TAXES, SALES TAXES OR
 OTHER TAXES, UPON OR WITH RESPECT TO ANY PROPERTY OWNED BY IT  OR  UNDER
 ITS  JURISDICTION,  CONTROL OR SUPERVISION, OR UPON THE USES THEREOF, OR
 UPON OR WITH RESPECT TO ITS ACTIVITIES OR OPERATIONS IN  FURTHERANCE  OF
 THE  POWERS  CONFERRED UPON IT BY THIS TITLE, OR UPON OR WITH RESPECT TO
 ANY FARES, TOLLS, RENTALS,  RATES,  CHARGES,  FEES,  REVENUES  OR  OTHER
 INCOME RECEIVED BY THE AUTHORITY.
   2.  ANY  BONDS  ISSUED  PURSUANT TO THIS TITLE, THEIR TRANSFER AND THE
 INCOME THEREFROM SHALL, AT ALL TIMES, BE EXEMPT FROM TAXATION.
   3. THE STATE HEREBY COVENANTS WITH THE PURCHASERS AND WITH ALL  SUBSE-
 QUENT  HOLDERS AND TRANSFEREES OF BONDS ISSUED BY THE AUTHORITY PURSUANT
 TO THIS TITLE, IN CONSIDERATION OF THE ACCEPTANCE OF AND PAYMENT FOR THE
 BONDS, THAT THE BONDS OF THE AUTHORITY ISSUED PURSUANT TO THIS TITLE AND
 THE INCOME THEREFROM  AND  ALL  REVENUES,  MONEYS,  AND  OTHER  PROPERTY
 PLEDGED TO PAY OR TO SECURE THE PAYMENT OF SUCH BONDS SHALL AT ALL TIMES
 BE EXEMPT FROM TAXATION.
   §  3762.  ACTIONS  AGAINST  THE  AUTHORITY. 1. EXCEPT IN AN ACTION FOR
 WRONGFUL DEATH, NO ACTION OR PROCEEDING SHALL  BE  PROSECUTED  OR  MAIN-
 TAINED  AGAINST  THE  AUTHORITY FOR PERSONAL INJURY OR DAMAGE TO REAL OR
 PERSONAL PROPERTY ALLEGED TO HAVE BEEN SUSTAINED BY REASON OF THE NEGLI-
 GENCE OR WRONGFUL ACT OF THE AUTHORITY  OR  OF  ANY  DIRECTOR,  OFFICER,
 AGENT OR EMPLOYEE THEREOF, UNLESS (A) IT SHALL APPEAR BY AND AS AN ALLE-
 GATION  IN  THE  COMPLAINT OR MOVING PAPERS THAT A NOTICE OF CLAIM SHALL
 HAVE BEEN MADE AND SERVED UPON THE  AUTHORITY,  WITHIN  THE  TIME  LIMIT
 PRESCRIBED  BY  AND  IN  COMPLIANCE  WITH SECTION FIFTY-E OF THE GENERAL
 MUNICIPAL LAW, (B) IT SHALL APPEAR  BY  AND  AS  AN  ALLEGATION  IN  THE
 COMPLAINT  OR MOVING PAPERS THAT AT LEAST THIRTY DAYS HAVE ELAPSED SINCE
 THE SERVICE OF SUCH NOTICE AND THAT ADJUSTMENT OR  PAYMENT  THEREOF  HAS
 BEEN  NEGLECTED  OR  REFUSED,  AND (C) THE ACTION OR PROCEEDING SHALL BE
 COMMENCED WITHIN ONE YEAR AFTER THE HAPPENING OF THE  EVENT  UPON  WHICH
 THE  CLAIM  IS BASED. AN ACTION AGAINST THE AUTHORITY FOR WRONGFUL DEATH
 SHALL BE COMMENCED IN ACCORDANCE WITH THE NOTICE OF CLAIM AND TIME LIMI-
 TATION PROVISIONS OF TITLE ELEVEN OF ARTICLE NINE OF THIS CHAPTER.
 S. 7497                            16
 
   2. WHEREVER A NOTICE OF CLAIM IS SERVED UPON THE AUTHORITY,  IT  SHALL
 HAVE  THE RIGHT TO DEMAND AN EXAMINATION OF THE CLAIMANT RELATIVE TO THE
 OCCURRENCE AND EXTENT OF THE INJURIES OR  DAMAGES  FOR  WHICH  CLAIM  IS
 MADE, IN ACCORDANCE WITH THE PROVISIONS OF SECTION FIFTY-H OF THE GENER-
 AL MUNICIPAL LAW.
   3.  THE  AUTHORITY MAY REQUIRE ANY PERSON PRESENTING FOR SETTLEMENT AN
 ACCOUNT OR CLAIM FOR ANY CAUSE WHATEVER  AGAINST  THE  AUTHORITY  TO  BE
 SWORN  BEFORE  A  DIRECTOR,  COUNSEL OR AN ATTORNEY, OFFICER OR EMPLOYEE
 THEREOF DESIGNATED FOR SUCH PURPOSE, CONCERNING SUCH  ACCOUNT  OR  CLAIM
 AND  WHEN  SO  SWORN,  TO ANSWER ORALLY AS TO ANY FACTS RELATIVE TO SUCH
 ACCOUNT OR CLAIM. THE AUTHORITY SHALL HAVE POWER TO SETTLE OR ADJUST ANY
 CLAIMS IN FAVOR OF OR AGAINST THE AUTHORITY.
   4. THE RATE OF INTEREST TO BE PAID BY THE AUTHORITY UPON ANY  JUDGMENT
 FOR WHICH IT IS LIABLE, OTHER THAN A JUDGMENT ON BONDS, SHALL NOT EXCEED
 THE  MAXIMUM  RATE  OF  INTEREST ON JUDGMENTS AND ACCRUED CLAIMS AGAINST
 MUNICIPAL AUTHORITIES AS PROVIDED IN THE GENERAL MUNICIPAL LAW. INTEREST
 ON PAYMENTS OF PRINCIPAL OR INTEREST  ON  ANY  BONDS  IN  DEFAULT  SHALL
 ACCRUE  AT THE RATE SPECIFIED IN THE GENERAL MUNICIPAL LAW UNTIL PAID OR
 OTHERWISE SATISFIED.
   5. THE VENUE OF EVERY  ACTION,  SUIT  OR  SPECIAL  PROCEEDING  BROUGHT
 AGAINST THE AUTHORITY SHALL BE LAID IN THE DUNKIRK CITY COURT.
   6. NEITHER ANY DIRECTOR OF THE AUTHORITY NOR ANY OFFICER, EMPLOYEE, OR
 AGENT  OF THE AUTHORITY, WHILE ACTING WITHIN THE SCOPE OF THEIR AUTHORI-
 TY, SHALL BE SUBJECT TO  ANY  LIABILITY  RESULTING  FROM  EXERCISING  OR
 CARRYING OUT ANY OF THE POWERS GIVEN IN THIS TITLE.
   7. (A) THE STATE SHALL SAVE HARMLESS AND INDEMNIFY DIRECTORS, OFFICERS
 AND EMPLOYEES OF AND REPRESENTATIVES TO THE AUTHORITY, ALL OF WHOM SHALL
 BE  DEEMED  OFFICERS  AND EMPLOYEES OF THE STATE FOR PURPOSES OF SECTION
 SEVENTEEN OF THE PUBLIC OFFICERS LAW, AGAINST ANY CLAIM,  DEMAND,  SUIT,
 OR  JUDGMENT  ARISING  BY  REASON  OF ANY ACT OR OMISSION TO ACT BY SUCH
 DIRECTOR, OFFICER, EMPLOYEE OR REPRESENTATIVE OCCURRING IN THE DISCHARGE
 OF THEIR DUTIES AND WITHIN THE SCOPE OF THEIR SERVICE ON BEHALF  OF  THE
 AUTHORITY INCLUDING ANY CLAIM, DEMAND, SUIT OR JUDGMENT BASED ON ALLEGA-
 TIONS THAT FINANCIAL LOSS WAS SUSTAINED BY ANY PERSON IN CONNECTION WITH
 THE  ACQUISITION,  DISPOSITION  OR  HOLDING OF SECURITIES OR OTHER OBLI-
 GATIONS. IN THE EVENT OF ANY SUCH CLAIM, DEMAND,  SUIT  OR  JUDGMENT,  A
 DIRECTOR,  OFFICER  OR  EMPLOYEE  OF  OR REPRESENTATIVE TO THE AUTHORITY
 SHALL BE SAVED HARMLESS AND INDEMNIFIED, NOTWITHSTANDING THE LIMITATIONS
 OF SUBDIVISION ONE OF SECTION SEVENTEEN  OF  THE  PUBLIC  OFFICERS  LAW,
 UNLESS SUCH INDIVIDUAL IS FOUND BY A FINAL JUDICIAL DETERMINATION NOT TO
 HAVE  ACTED,  IN GOOD FAITH, FOR A PURPOSE WHICH SUCH INDIVIDUAL REASON-
 ABLY BELIEVED TO BE IN THE BEST INTEREST OF THE AUTHORITY OR NOT TO HAVE
 HAD REASONABLE CAUSE TO  BELIEVE  THAT  SUCH  INDIVIDUAL'S  CONDUCT  WAS
 LAWFUL.
   (B)  IN CONNECTION WITH ANY SUCH CLAIM, DEMAND, SUIT, OR JUDGMENT, ANY
 DIRECTOR, OFFICER OR EMPLOYEE OF  OR  REPRESENTATIVE  TO  THE  AUTHORITY
 SHALL  BE  ENTITLED TO REPRESENTATION BY PRIVATE COUNSEL OF THEIR CHOICE
 IN ANY CIVIL JUDICIAL PROCEEDING WHENEVER THE  ATTORNEY  GENERAL  DETER-
 MINES  BASED UPON THE ATTORNEY GENERAL'S INVESTIGATION AND REVIEW OF THE
 FACTS AND CIRCUMSTANCES OF THE CASE THAT REPRESENTATION BY THE  ATTORNEY
 GENERAL  WOULD  BE  INAPPROPRIATE. THE ATTORNEY GENERAL SHALL NOTIFY THE
 INDIVIDUAL IN WRITING OF SUCH DETERMINATION THAT THE INDIVIDUAL IS ENTI-
 TLED TO BE REPRESENTED BY PRIVATE  COUNSEL.  THE  ATTORNEY  GENERAL  MAY
 REQUIRE,  AS  A  CONDITION  TO  PAYMENT OF THE FEES AND EXPENSES OF SUCH
 REPRESENTATIVE, THAT APPROPRIATE GROUPS OF SUCH INDIVIDUALS  BE  REPRES-
 ENTED BY THE SAME COUNSEL. IF THE INDIVIDUAL OR GROUPS OF INDIVIDUALS IS
 S. 7497                            17
 
 ENTITLED  TO  REPRESENTATION  BY PRIVATE COUNSEL UNDER THE PROVISIONS OF
 THIS SECTION, THE ATTORNEY GENERAL SHALL SO CERTIFY TO THE  STATE  COMP-
 TROLLER.  REASONABLE  ATTORNEYS'  FEES  AND LITIGATION EXPENSES SHALL BE
 PAID  BY  THE STATE TO SUCH PRIVATE COUNSEL FROM TIME TO TIME DURING THE
 PENDENCY OF THE CIVIL ACTION OR  PROCEEDING,  SUBJECT  TO  CERTIFICATION
 THAT  THE  INDIVIDUAL  IS ENTITLED TO REPRESENTATION UNDER THE TERMS AND
 CONDITIONS OF THIS SECTION BY THE AUTHORITY, UPON THE AUDIT AND  WARRANT
 OF THE STATE COMPTROLLER. THE PROVISIONS OF THIS SUBDIVISION SHALL BE IN
 ADDITION TO AND SHALL NOT SUPPLANT ANY INDEMNIFICATION OR OTHER BENEFITS
 HERETOFORE OR HEREAFTER CONFERRED UPON DIRECTORS, OFFICERS, OR EMPLOYEES
 OF  AND  REPRESENTATIVES  TO  THE  AUTHORITY BY SECTION SEVENTEEN OF THE
 PUBLIC OFFICERS LAW, BY  ACTION  OF  THE  AUTHORITY  OR  OTHERWISE.  THE
 PROVISIONS  OF  THIS SUBDIVISION SHALL INURE ONLY TO DIRECTORS, OFFICERS
 AND EMPLOYEES OF AND REPRESENTATIVES TO THE AUTHORITY, SHALL NOT ENLARGE
 OR DIMINISH THE RIGHTS OF ANY OTHER PARTY, AND SHALL NOT  IMPAIR,  LIMIT
 OR  MODIFY THE RIGHTS AND OBLIGATIONS OF ANY INSURER UNDER ANY POLICY OF
 INSURANCE.
   § 3763. AUDITS. 1. THE ACCOUNTS OF THE AUTHORITY SHALL BE  SUBJECT  TO
 THE  AUDIT  OF  THE FISCAL AFFAIRS OFFICER AND THE STATE COMPTROLLER. IN
 ADDITION, THE AUTHORITY SHALL BE SUBJECT TO AN  ANNUAL  FINANCIAL  AUDIT
 PERFORMED BY AN INDEPENDENT CERTIFIED ACCOUNTANT SELECTED BY THE AUTHOR-
 ITY.  SUCH  AUDIT  REPORT SHALL BE SUBMITTED TO THE MAYOR, THE PRESIDING
 OFFICER, THE COMPTROLLER, THE GOVERNOR, THE STATE COMPTROLLER, THE CHAIR
 AND RANKING MINORITY MEMBER OF THE  SENATE  FINANCE  COMMITTEE  AND  THE
 CHAIR AND RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMIT-
 TEE.
   2.  FOR  EACH  FISCAL  YEAR DURING THE EXISTENCE OF THE AUTHORITY, AND
 WITHIN ONE HUNDRED TWENTY DAYS AFTER THE  CLOSE  OF  THE  CITY'S  FISCAL
 YEAR,  THE  CITY  SHALL  SUBMIT  ITS AUDITED FINANCIAL STATEMENTS TO THE
 AUTHORITY.
   § 3764. REMEDIES OF BONDHOLDERS. SUBJECT TO ANY RESOLUTION  OR  RESOL-
 UTIONS ADOPTED PURSUANT TO PARAGRAPH (F) OF SUBDIVISION SEVEN OF SECTION
 THIRTY-SEVEN HUNDRED FIFTY-SIX OF THIS TITLE:
   1.  IN  THE  EVENT  THAT THE AUTHORITY SHALL DEFAULT IN THE PAYMENT OF
 PRINCIPAL OF OR INTEREST ON ANY ISSUE OF  BONDS  AFTER  THE  SAME  SHALL
 BECOME  DUE,  WHETHER  AT MATURITY OR UPON CALL FOR REDEMPTION, AND SUCH
 DEFAULT SHALL CONTINUE FOR A PERIOD OF THIRTY DAYS, OR SHALL DEFAULT  IN
 ANY  AGREEMENT  MADE WITH THE HOLDERS OF ANY ISSUE OF BONDS, THE HOLDERS
 OF AT LEAST TWENTY-FIVE PER CENTUM IN AGGREGATE PRINCIPAL AMOUNT OF  THE
 BONDS OF SUCH ISSUE THEN OUTSTANDING, BY INSTRUMENT OR INSTRUMENTS FILED
 IN THE OFFICE OF THE CLERK OF THE CITY AND PROVED OR ACKNOWLEDGED IN THE
 SAME MANNER AS A DEED TO BE RECORDED, MAY APPOINT A TRUSTEE TO REPRESENT
 THE HOLDERS OF SUCH BONDS FOR THE PURPOSE PROVIDED IN THIS SECTION.
   2.  SUCH  TRUSTEE  MAY,  AND UPON WRITTEN REQUEST OF THE HOLDERS OF AT
 LEAST TWENTY-FIVE PER CENTUM IN PRINCIPAL AMOUNT OF SUCH BONDS OUTSTAND-
 ING SHALL, IN THEIR OWN NAME:
   (A) BY ACTION OR PROCEEDING IN ACCORDANCE WITH THE CIVIL PRACTICE  LAW
 AND RULES, ENFORCE ALL RIGHTS OF THE BONDHOLDERS AND REQUIRE THE AUTHOR-
 ITY TO CARRY OUT ANY OTHER AGREEMENTS WITH THE HOLDERS OF SUCH BONDS AND
 TO PERFORM ITS DUTIES UNDER THIS TITLE;
   (B) BRING AN ACTION OR PROCEEDING UPON SUCH BONDS;
   (C) BY ACTION OR PROCEEDING, REQUIRE THE AUTHORITY TO ACCOUNT AS IF IT
 WERE THE TRUSTEE OF AN EXPRESS TRUST FOR THE HOLDER OF SUCH BONDS; AND
   (D)  BY  ACTION  OR PROCEEDING, ENJOIN ANY ACTS OR THINGS WHICH MAY BE
 UNLAWFUL OR IN VIOLATION OF THE RIGHTS OF THE HOLDERS OF SUCH BONDS.
 S. 7497                            18
 
   3. SUCH TRUSTEE SHALL, IN ADDITION TO THE PROVISIONS  OF  SUBDIVISIONS
 ONE  AND  TWO OF THIS SECTION, HAVE AND POSSESS ALL OF THE POWERS NECES-
 SARY OR APPROPRIATE FOR THE EXERCISE OF ANY FUNCTIONS  SPECIFICALLY  SET
 FORTH IN THIS SECTION OR INCIDENT TO THE GENERAL REPRESENTATION OF BOND-
 HOLDERS IN THE ENFORCEMENT AND PROTECTION OF THEIR RIGHTS.
   4. THE SUPREME COURT SHALL HAVE JURISDICTION OF ANY ACTION OR PROCEED-
 ING BY THE TRUSTEE ON BEHALF OF SUCH BONDHOLDERS.
   §  3765.  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 CORPO-
 RATION ITS AGREED PROPORTION OF THE COMPENSATION OR COSTS.
   2. OFFICERS AND EMPLOYEES OF STATE OR CITY AGENCIES MAY BE TRANSFERRED
 TO THE AUTHORITY WITHOUT EXAMINATION  AND  WITHOUT  LOSS  OF  ANY  CIVIL
 SERVICE  OR  RETIREMENT STATUS OR RIGHTS. ANY OFFICER OR EMPLOYEE OF THE
 AUTHORITY WHO HERETOFORE ACQUIRED OR SHALL HEREAFTER ACQUIRE SUCH  POSI-
 TION  STATUS  BY  TRANSFER  AND  WHO  AT THE TIME OF SUCH TRANSFER WAS A
 MEMBER OF THE NEW YORK STATE  AND  LOCAL  EMPLOYEES'  RETIREMENT  SYSTEM
 SHALL  CONTINUE TO BE A MEMBER OF SUCH SYSTEM AS LONG AS SUCH OFFICER OR
 EMPLOYEE CONTINUES IN SUCH SERVICE, AND SHALL CONTINUE TO HAVE  ALL  THE
 RIGHTS, PRIVILEGES AND OBLIGATIONS OF MEMBERSHIP IN SUCH SYSTEM.
   § 3766. 2025 FISCAL YEAR BUDGET MODIFICATION. 1. THE CONTROL PERIOD AS
 SET FORTH IN SECTION THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE SHALL
 BE  INSTITUTED ON JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE, UNLESS PRIOR
 TO SUCH DATE (A) THE MAYOR, AFTER APPROVAL  BY  THE  LEGISLATURE,  SHALL
 HAVE  SUBMITTED TO THE AUTHORITY A MODIFICATION TO THE CITY'S BUDGET FOR
 THE TWO THOUSAND TWENTY-FIVE FISCAL YEAR, AS IN EFFECT ON MAY TENTH, TWO
 THOUSAND TWENTY-FIVE; AND (B) THE AUTHORITY SHALL HAVE  DETERMINED  THAT
 SUCH  MODIFICATION  WHEN  IMPLEMENTED  WILL  ENSURE  A  REDUCTION OF THE
 PROJECTED GAP, THROUGH RECURRING OR NONRECURRING ACTIONS,  FOR  THE  TWO
 THOUSAND TWENTY-FIVE FISCAL YEAR AND, TOGETHER WITH ANY BUDGET MODIFICA-
 TIONS  PRIOR  TO  MAY TENTH, TWO THOUSAND TWENTY-FIVE, THROUGH RECURRING
 ACTIONS, FOR THE THREE NEXT SUCCEEDING FISCAL YEARS, IN  AN  AMOUNT  NOT
 LESS THAN FIFTY MILLION DOLLARS PER YEAR.
   2.  IN  ORDER  THAT SUCH BUDGET MODIFICATION BE EFFECTIVE ON OR BEFORE
 JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE, THE MAYOR SHALL  WITHIN  SEVEN
 DAYS  FOLLOWING  THE  EFFECTIVE  DATE  OF  THIS  TITLE SUBMIT A PROPOSED
 MODIFICATION TO THE  LEGISLATURE.  WITHIN  SEVEN  DAYS  THEREAFTER,  THE
 LEGISLATURE  SHALL  APPROVE  SUCH MODIFICATION OR A SUBSTITUTE MODIFICA-
 TION. UPON APPROVAL BY THE LEGISLATURE,  THE  MAYOR  SHALL  SUBMIT  SUCH
 MODIFICATION TO THE AUTHORITY. NOT LATER THAN TEN DAYS AFTER SUCH BUDGET
 MODIFICATION  SHALL  HAVE BEEN SUBMITTED TO THE AUTHORITY, THE AUTHORITY
 SHALL APPROVE OR DISAPPROVE SUCH MODIFICATION, PROVIDED THAT THE AUTHOR-
 ITY MAY APPROVE SUCH MODIFICATION ONLY UPON ITS DETERMINATION THAT  SUCH
 MODIFICATION WHEN IMPLEMENTED WILL ENSURE SUCH REDUCTION OF THE PROJECT-
 ED  GAP  FOR  EACH  FISCAL  YEAR  AS REQUIRED BY SUBDIVISION ONE OF THIS
 SECTION.
   3. IN THE EVENT THE AUTHORITY SHALL DISAPPROVE SUCH  BUDGET  MODIFICA-
 TION BASED ON DISAPPROVAL OF CERTAIN ACTIONS OR ASSUMPTIONS, THE AUTHOR-
 ITY SHALL PROMPTLY THEREAFTER NOTIFY THE MAYOR OF ITS REASONS. THE MAYOR
 SHALL  THEREAFTER,  AFTER APPROVAL BY THE LEGISLATURE, RESUBMIT A BUDGET
 MODIFICATION, BASED ON ACTIONS OR ASSUMPTIONS OTHER THAN THOSE THAT HAVE
 BEEN DISAPPROVED BY THE AUTHORITY, FOR CONSIDERATION  BY  THE  AUTHORITY
 AND  IN  SUFFICIENT  TIME  FOR  THE AUTHORITY TO HAVE A SEVEN DAY REVIEW
 PERIOD PRIOR TO JUNE THIRTIETH, TWO THOUSAND TWENTY-FIVE.
   § 3767. CITY FINANCIAL PLANS. 1. (A)(I) THE MAYOR  SHALL  PREPARE  AND
 SUBMIT  TO  THE  AUTHORITY A FOUR-YEAR FINANCIAL PLAN, INITIALLY FOR THE
 S. 7497                            19
 
 FISCAL YEARS  ENDING  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND  TWENTY-SIX
 THROUGH  TWO THOUSAND TWENTY-NINE, TOGETHER WITH THE PROPOSED BUDGET FOR
 THE FISCAL YEAR ENDING ON DECEMBER THIRTY-FIRST,  TWO  THOUSAND  TWENTY-
 SIX,  NOT  LATER THAN THE DATE REQUIRED FOR SUBMISSION OF SUCH BUDGET TO
 THE LEGISLATURE PURSUANT TO THE CITY CHARTER. SUCH FINANCIAL PLAN SHALL,
 IN ADDITION TO THE REQUIREMENTS FOR FINANCIAL PLANS SET FORTH IN  SUBDI-
 VISIONS  TWO  AND  THREE  OF THIS SECTION, CONTAIN ACTIONS SUFFICIENT TO
 ENSURE WITH RESPECT TO THE MAJOR OPERATING FUNDS FOR EACH FISCAL YEAR OF
 THE PLAN THAT ANNUAL AGGREGATE OPERATING EXPENSES FOR SUCH  FISCAL  YEAR
 SHALL  NOT  EXCEED  ANNUAL  AGGREGATE OPERATING REVENUES FOR SUCH FISCAL
 YEAR. FOR PURPOSES OF DETERMINING OPERATING REVENUES IN THE FISCAL YEARS
 ENDING DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-SIX THROUGH TWO  THOU-
 SAND  THIRTY-TWO, SUCH PLAN MAY ASSUME (A) BORROWINGS BY THE CITY OR THE
 AUTHORITY TO FINANCE TAX CERTIORARI JUDGMENTS OR SETTLEMENTS  IN  ANNUAL
 AMOUNTS  NOT EXCEEDING ONE HUNDRED MILLION DOLLARS, OR, IN THE AGGREGATE
 FOR ALL SUCH YEARS, FOUR HUNDRED MILLION DOLLARS; HOWEVER, OF SAID  FOUR
 HUNDRED  MILLION  DOLLARS,  NO  MORE THAN FIFTEEN MILLION DOLLARS MAY BE
 COUNTED AS OPERATING REVENUE IN THE FISCAL YEAR TWO THOUSAND  THIRTY-ONE
 AND NO MORE THAN TEN MILLION DOLLARS MAY BE COUNTED AS OPERATING REVENUE
 IN  FISCAL  YEAR TWO THOUSAND THIRTY-TWO, AND (B) RECEIPT BY THE CITY OF
 NCIFA ASSISTANCE AND TRANSITIONAL STATE AID IN THE FOLLOWING  COLLECTIVE
 AMOUNTS FOR EACH RESPECTIVE FISCAL YEAR:
 
                AMOUNT              FISCAL YEAR
                2026 AMOUNT         2026
                2027 AMOUNT         2027
                2028 AMOUNT         2028
                2029 AMOUNT         2029.
 
   (II)  THE  ONE  HUNDRED  MILLION  DOLLARS  ANNUAL LIMIT ON ASSUMED TAX
 CERTIORARI BORROWINGS MAY BE WAIVED  BY  THE  AUTHORITY  RESPECTING  ANY
 FISCAL  YEAR,  UPON  ITS DETERMINATION THAT THE RESULTS OF ANY INCREASED
 AND ACCELERATED SETTLEMENT OR LITIGATION EFFORTS  BY  THE  CITY  JUSTIFY
 SUCH WAIVER.
   (B) AS USED IN THIS SUBDIVISION:
   (I)  "2026  AMOUNT"  MEANS  THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
 AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND  OPERATIONS  UPON  ITS
 DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
 THIRTY-FIVE PER CENTUM AND FORTY PER CENTUM OF THE PROJECTED GAP.
   (II)  "2027  AMOUNT"  MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
 AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND  OPERATIONS  UPON  ITS
 DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
 FORTY-FIVE PER CENTUM AND FIFTY PER CENTUM OF THE PROJECTED GAP.
   (III)  "2028  AMOUNT" MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
 AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND  OPERATIONS  UPON  ITS
 DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
 SIXTY PER CENTUM AND SIXTY-FIVE PER CENTUM OF THE PROJECTED GAP.
   (IV)  "2029  AMOUNT"  MEANS THAT AMOUNT EXPECTED TO BE PROVIDED BY THE
 AUTHORITY TO ENSURE BALANCED MAJOR OPERATING FUND  OPERATIONS  UPON  ITS
 DETERMINATION THAT THE CITY HAS TAKEN RECURRING ACTIONS TO CLOSE BETWEEN
 EIGHTY PER CENTUM AND EIGHTY-FIVE PER CENTUM OF THE PROJECTED GAP.
   2. PURSUANT TO THE PROCEDURES CONTAINED IN THIS SUBDIVISION, EACH YEAR
 DURING  THE  INTERIM  FINANCE PERIOD OR DURING A CONTROL PERIOD THE CITY
 SHALL DEVELOP, AND MAY FROM TIME TO TIME  MODIFY,  TAKING  INTO  ACCOUNT
 RECOMMENDATIONS  OF  THE  AUTHORITY, A FOUR YEAR FINANCIAL PLAN COVERING
 THE CITY AND THE COVERED ORGANIZATIONS. EACH  SUCH  FINANCIAL  PLAN  AND
 S. 7497                            20
 
 FINANCIAL  PLAN  MODIFICATION SHALL CONFORM TO THE REQUIREMENTS OF PARA-
 GRAPH (A) OF THIS SUBDIVISION AND SHALL PROVIDE THAT THE MAJOR OPERATING
 FUNDS OF THE CITY WILL BE BALANCED IN ACCORDANCE WITH GENERALLY ACCEPTED
 ACCOUNTING  PRINCIPLES.  THE  FINANCIAL  PLAN  SHALL  BE  DEVELOPED  AND
 APPROVED, AND MAY FROM TIME TO TIME BE MODIFIED, IN ACCORDANCE WITH  THE
 FOLLOWING PROCEDURES:
   (A) THE MAYOR SHALL PREPARE AND SUBMIT TO THE AUTHORITY AND THE LEGIS-
 LATURE  A REVISED FINANCIAL PLAN COVERING THE FOUR YEAR PERIOD BEGINNING
 WITH THE ENSUING FISCAL YEAR, TOGETHER WITH THE PROPOSED BUDGET FOR  THE
 ENSUING  FISCAL YEAR, NOT LATER THAN THE DATE REQUIRED FOR SUBMISSION OF
 SUCH BUDGET PURSUANT TO THE CITY CHARTER. ON SUCH DATES, THE MAYOR SHALL
 ALSO SUBMIT TO THE AUTHORITY A CERTIFICATE STATING THAT SUCH  BUDGET  IS
 CONSISTENT  WITH  THE FINANCIAL PLAN SUBMITTED THEREWITH AND THAT OPERA-
 TION WITHIN THE BUDGET IS FEASIBLE.
   (B) NOT MORE THAN TWENTY DAYS AFTER SUBMISSION OF A FINANCIAL PLAN  OR
 MORE  THAN  FIFTEEN  DAYS AFTER SUBMISSION OF A FINANCIAL PLAN MODIFICA-
 TION, THE AUTHORITY SHALL DETERMINE WHETHER THE FINANCIAL PLAN OR FINAN-
 CIAL PLAN MODIFICATION IS COMPLETE AND COMPLIES WITH THE  PROVISIONS  OF
 SECTION  THIRTY-SEVEN  HUNDRED  SIXTY-SIX AND THIS SECTION AND THE OTHER
 REQUIREMENTS OF THIS TITLE, AND SHALL SUBMIT  ITS  RECOMMENDATIONS  WITH
 RESPECT  TO THE FINANCIAL PLAN OR FINANCIAL PLAN MODIFICATION IN ACCORD-
 ANCE WITH THE PROVISIONS OF THIS SUBDIVISION.
   (C) UPON THE APPROVAL BY THE CITY OF A BUDGET IN ACCORDANCE  WITH  THE
 PROVISIONS OF THE CITY CHARTER AND APPROVAL OF THE FINANCIAL PLAN BY THE
 LEGISLATURE,  THE  MAYOR SHALL SUBMIT SUCH APPROVED BUDGET AND FINANCIAL
 PLAN TO THE AUTHORITY ACCOMPANIED BY EXPENDITURE, REVENUE AND CASH  FLOW
 PROJECTIONS  ON A QUARTERLY BASIS AND CERTIFY TO THE AUTHORITY THAT SUCH
 BUDGET IS CONSISTENT WITH THE FINANCIAL PLAN  TO  BE  SUBMITTED  TO  THE
 AUTHORITY.
   (D)  IF  THE AUTHORITY DETERMINES THAT THE FINANCIAL PLAN OR FINANCIAL
 PLAN MODIFICATION PROVIDED PURSUANT TO PARAGRAPH  (C)  OR  (F)  OF  THIS
 SUBDIVISION  IS  COMPLETE  AND  COMPLIES WITH THE STANDARDS SET FORTH IN
 THIS SUBDIVISION, THE AUTHORITY SHALL MAKE A CERTIFICATION TO  THE  CITY
 SETTING FORTH REVENUE ESTIMATES AGREED TO BY THE AUTHORITY IN ACCORDANCE
 WITH SUCH DETERMINATION.
   (E)  THE  AUTHORITY  SHALL, IN THE EVENT IT DISAGREES WITH ELEMENTS OF
 THE FINANCIAL PLAN PROVIDED PURSUANT TO PARAGRAPH (C)  OR  (F)  OF  THIS
 SUBDIVISION,  PROVIDE  NOTICE  THEREOF TO THE MAYOR, THE LEGISLATURE AND
 THE FISCAL AFFAIRS OFFICER, WITH COPIES TO THE DIRECTOR OF  THE  BUDGET,
 THE  STATE COMPTROLLER, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMIT-
 TEE AND THE CHAIR OF THE SENATE FINANCE COMMITTEE, IF, IN  THE  JUDGMENT
 OF THE AUTHORITY, SUCH PLAN:
   (I) IS INCOMPLETE;
   (II)  FAILS  TO  CONTAIN PROJECTIONS OF REVENUES AND EXPENDITURES THAT
 ARE BASED ON REASONABLE AND APPROPRIATE ASSUMPTIONS AND METHODS OF ESTI-
 MATION;
   (III) FAILS TO PROVIDE THAT OPERATIONS OF THE  CITY  AND  THE  COVERED
 ORGANIZATIONS  WILL  BE  CONDUCTED  WITHIN  THE CASH RESOURCES AVAILABLE
 ACCORDING TO THE AUTHORITY'S REVENUE ESTIMATES; OR
   (IV) FAILS TO COMPLY WITH  THE  PROVISIONS  OF  THIS  TITLE  OR  OTHER
 REQUIREMENTS OF LAW.
   (F)  AFTER  THE  INITIAL  ADOPTION  OF AN APPROVED FINANCIAL PLAN, THE
 REVENUE ESTIMATES CERTIFIED BY THE  AUTHORITY  AND  THE  FINANCIAL  PLAN
 SHALL  BE REGULARLY REEXAMINED BY THE AUTHORITY IN CONSULTATION WITH THE
 CITY AND THE COVERED ORGANIZATIONS AND THE MAYOR SHALL PROVIDE  A  MODI-
 FIED  FINANCIAL  PLAN IN SUCH DETAIL AND WITHIN SUCH TIME PERIODS AS THE
 S. 7497                            21

 AUTHORITY MAY REQUIRE. IN THE EVENT OF REDUCTIONS IN SUCH REVENUE  ESTI-
 MATES,  OR  IN THE EVENT THE CITY OR A COVERED ORGANIZATION SHALL EXPEND
 FUNDS AT A RATE THAT WOULD EXCEED THE AGGREGATE  EXPENDITURE  LIMITATION
 FOR  THE  CITY  OR  COVERED  ORGANIZATION PRIOR TO THE EXPIRATION OF THE
 FISCAL YEAR, THE MAYOR SHALL SUBMIT A  FINANCIAL  PLAN  MODIFICATION  TO
 EFFECT  SUCH  ADJUSTMENTS  IN  REVENUE ESTIMATES AND REDUCTIONS IN TOTAL
 EXPENDITURES AS MAY BE NECESSARY TO  CONFORM  TO  SUCH  REVISED  REVENUE
 ESTIMATES OR AGGREGATE EXPENDITURE LIMITATIONS.
   (G)  IF,  WITHIN  A  TIME  PERIOD SPECIFIED BY THE AUTHORITY, THE CITY
 FAILS TO MAKE SUCH MODIFICATIONS AFTER REDUCTIONS IN REVENUE  ESTIMATES,
 OR  TO  PROVIDE  A  MODIFIED  PLAN IN DETAIL AND WITHIN SUCH TIME PERIOD
 REQUIRED BY THE AUTHORITY, THE AUTHORITY SHALL  ADOPT  A  RESOLUTION  SO
 FINDING.
   (H)  THE  CITY SHALL AMEND ITS BUDGET OR SHALL SUBMIT A FINANCIAL PLAN
 MODIFICATION FOR THE APPROVAL OF THE  AUTHORITY  SUCH  THAT  THE  CITY'S
 BUDGET  AND THE APPROVED FINANCIAL PLAN SHALL BE CONSISTENT. IN NO EVENT
 SHALL THE CITY OPERATE UNDER A  BUDGET  THAT  IS  INCONSISTENT  WITH  AN
 APPROVED FINANCIAL PLAN.
   3.  THE  FINANCIAL  PLAN  SHALL BE IN SUCH FORM AND SHALL CONTAIN SUCH
 INFORMATION FOR EACH YEAR DURING WHICH THE FINANCIAL PLAN IS  IN  EFFECT
 AS  THE  AUTHORITY  MAY  SPECIFY, AND SHALL INCLUDE THE CITY AND ALL THE
 COVERED ORGANIZATIONS, AND SHALL, IN SUCH DETAIL AS THE  AUTHORITY  FROM
 TIME  TO  TIME  MAY  PRESCRIBE,  INCLUDE (A) STATEMENTS OF ALL ESTIMATED
 REVENUES AND OF ALL EXPENDITURES AND CASH FLOW PROJECTIONS OF  THE  CITY
 AND  EACH  OF  THE  COVERED ORGANIZATIONS, (B) A REPORT ON THE STATUS OF
 EFFORTS TO REFORM AND STREAMLINE THE TAX CERTIORARI CLAIMS  PROCESS  AND
 ELIMINATE  THE  NEED  IN EACH YEAR OF THE PLAN FOR THE CITY TO BORROW TO
 FINANCE SUCH CLAIMS OR JUDGMENTS, INCLUDING AN ACCOUNTING OF THE EXPEND-
 ITURE OF ANY TRANSITIONAL STATE  AID  FOR  SUCH  PURPOSES,  AND  (C)  AN
 ACCOUNTING  OF  THE  EXPENDITURE OF ANY REMAINING TRANSITIONAL STATE AID
 AVAILABLE TO THE CITY FOR EACH YEAR OF THE PLAN.
   4. THE FINANCIAL PLAN SHALL INCLUDE ANY INFORMATION WHICH THE AUTHORI-
 TY MAY REQUEST TO SATISFY ITSELF THAT (A) PROJECTED  EMPLOYMENT  LEVELS,
 COLLECTIVE  BARGAINING AGREEMENTS AND OTHER ACTIONS RELATING TO EMPLOYEE
 COSTS, CAPITAL CONSTRUCTION AND SUCH OTHER MATTERS AS THE AUTHORITY  MAY
 SPECIFY  ARE CONSISTENT WITH THE PROVISIONS MADE FOR SUCH OBLIGATIONS IN
 THE FINANCIAL PLAN, (B) THE  CITY  AND  THE  COVERED  ORGANIZATIONS  ARE
 TAKING WHATEVER ACTION IS NECESSARY WITH RESPECT TO PROGRAMS MANDATED BY
 STATE  AND FEDERAL LAW TO ENSURE THAT EXPENDITURES FOR SUCH PROGRAMS ARE
 LIMITED TO AND COVERED BY THE EXPENDITURES STATED IN THE FINANCIAL PLAN,
 (C) ADEQUATE RESERVES ARE PROVIDED TO MAINTAIN ESSENTIAL PROGRAMS IN THE
 EVENT REVENUES HAVE BEEN OVERESTIMATED  OR  EXPENDITURES  UNDERESTIMATED
 FOR ANY PERIOD, AND (D) THE CITY HAS ADEQUATE CASH RESOURCES TO MEET ITS
 OBLIGATIONS.   IN ADDITION, EXCEPT TO THE EXTENT SUCH REPORTING REQUIRE-
 MENTS MAY BE MODIFIED PURSUANT TO AGREEMENT BETWEEN  THE  AUTHORITY  AND
 THE  CITY,  FOR  EACH  FISCAL  YEAR OCCURRING DURING THE INTERIM FINANCE
 PERIOD OR WHILE BONDS ISSUED PURSUANT TO THIS TITLE ARE OUTSTANDING, THE
 MAYOR SHALL PREPARE A QUARTERLY REPORT OF SUMMARIZED BUDGET DATA DEPICT-
 ING OVERALL TRENDS OF ACTUAL REVENUES AND BUDGET  EXPENDITURES  FOR  THE
 ENTIRE  BUDGET  RATHER  THAN INDIVIDUAL LINE ITEMS AND UPDATED QUARTERLY
 CASH FLOW PROJECTIONS OF RECEIPTS AND DISBURSEMENTS.  SUCH REPORTS SHALL
 COMPARE REVENUE ESTIMATES AND APPROPRIATIONS AS SET FORTH IN SUCH BUDGET
 AND IN THE QUARTERLY REVENUE AND EXPENDITURE PROJECTIONS SUBMITTED THER-
 EWITH WITH THE ACTUAL REVENUES  AND  EXPENDITURES  MADE  TO  DATE.  SUCH
 REPORTS  SHALL  ALSO  COMPARE ACTUAL RECEIPTS AND DISBURSEMENTS WITH THE
 ESTIMATES CONTAINED IN THE CASH FLOW PROJECTIONS,  TOGETHER  WITH  VARI-
 S. 7497                            22
 
 ANCES  AND THEIR EXPLANATION. ALL QUARTERLY REPORTS SHALL BE ACCOMPANIED
 BY RECOMMENDATIONS FROM THE MAYOR TO THE LEGISLATURE SETTING  FORTH  ANY
 REMEDIAL  ACTION  NECESSARY  TO  RESOLVE ANY UNFAVORABLE BUDGET VARIANCE
 INCLUDING  THE  OVERESTIMATION  OF  REVENUES  AND THE UNDERESTIMATION OF
 APPROPRIATIONS. THESE REPORTS SHALL  BE  COMPLETED  WITHIN  THIRTY  DAYS
 AFTER THE END OF EACH QUARTER AND SHALL BE SUBMITTED TO THE LEGISLATURE,
 THE  AUTHORITY,  THE  DIRECTOR  OF THE BUDGET AND THE STATE COMPTROLLER.
 EXCEPT DURING A CONTROL PERIOD, FOR EACH FISCAL  YEAR  OCCURRING  DURING
 THE  INTERIM FINANCE PERIOD OR WHILE BONDS ISSUED PURSUANT TO THIS TITLE
 ARE OUTSTANDING, THE MAYOR SHALL SUBMIT A PROPOSED  BUDGET  OR  REVISION
 THERETO  TO THE AUTHORITY CONCURRENT WITH SUBMISSION TO THE LEGISLATURE,
 AND SHALL SUBMIT THE ADOPTED BUDGET TO THE  AUTHORITY  IMMEDIATELY  UPON
 ITS ADOPTION.
   5.  FOR  EACH  FINANCIAL  PLAN  AND  FINANCIAL PLAN MODIFICATION TO BE
 PREPARED AND SUBMITTED BY THE MAYOR TO THE  AUTHORITY  PURSUANT  TO  THE
 PROVISIONS  OF  THIS  SECTION, THE COVERED ORGANIZATIONS SHALL SUBMIT TO
 THE CITY SUCH INFORMATION WITH RESPECT TO THEIR PROJECTED  EXPENDITURES,
 REVENUES  AND CASH FLOWS FOR EACH OF THE YEARS COVERED BY SUCH FINANCIAL
 PLAN OR MODIFICATION AS THE MAYOR SHALL DETERMINE.  NOTWITHSTANDING  ANY
 OTHER  PROVISION  OF LAW LIMITING THE AUTHORITY OF THE CITY WITH RESPECT
 TO ANY COVERED ORGANIZATION, THE CITY, IN THE PREPARATION AND SUBMISSION
 OF THE FINANCIAL PLAN AND MODIFICATIONS THEREOF, SHALL, EXCEPT FOR  DEBT
 SERVICE  OR  FOR OTHER EXPENDITURES TO THE EXTENT THAT SUCH EXPENDITURES
 ARE REQUIRED BY LAW, HAVE THE POWER TO DETERMINE THE AGGREGATE  EXPENDI-
 TURES  TO BE ALLOCATED TO ANY COVERED ORGANIZATION IN THE FINANCIAL PLAN
 AND ANY MODIFICATIONS THERETO.
   6. THE AUTHORITY AND THE CITY SHALL CONFER  CONCERNING  THE  PROJECTED
 EFFECT  ON  THE BUDGETS OF THE CITY AND THE COVERED ORGANIZATIONS OF ANY
 CHANGE IN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES,  OR  CHANGE  IN  THE
 APPLICATION  OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES TO THE CITY AND
 THE COVERED ORGANIZATIONS, MADE OR TO BE IMPLEMENTED AFTER THE EFFECTIVE
 DATE OF THIS TITLE. IF THE AUTHORITY DETERMINES THAT  IMMEDIATE  COMPLI-
 ANCE WITH SUCH CHANGE WILL HAVE A MATERIAL EFFECT ON SUCH BUDGETS OVER A
 TIME PERIOD INSUFFICIENT TO ACCOMMODATE THE EFFECT WITHOUT A SUBSTANTIAL
 ADVERSE  IMPACT  ON  THE DELIVERY OF ESSENTIAL SERVICES BY THE CITY, THE
 AUTHORITY MAY AUTHORIZE AND APPROVE A METHOD OF PHASING THE REQUIREMENTS
 OF SUCH CHANGE INTO SUCH BUDGETS OVER SUCH REASONABLY  EXPEDITIOUS  TIME
 PERIOD AS THE AUTHORITY DEEMS APPROPRIATE.
   § 3768. MONITORING AND REVIEW. EXCEPT AS OTHERWISE PROVIDED IN SECTION
 THIRTY-SEVEN HUNDRED SIXTY-NINE OF THIS TITLE, THE AUTHORITY SHALL:
   1. CONDUCT MEETINGS AT LEAST ANNUALLY;
   2.  INVESTIGATE,  WITHIN THE CITY AND COVERED ORGANIZATIONS, POTENTIAL
 VIOLATIONS OF THE PROVISIONS OF THIS CHAPTER,  FISCAL  MISMANAGEMENT  OR
 SYSTEMIC  NEGLIGENCE;  PROVIDED FURTHER THAT THE AUTHORITY SHALL PROVIDE
 AN ANNUAL REPORT TO THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE,
 THE MINORITY LEADER OF THE SENATE, THE  SPEAKER  OF  THE  ASSEMBLY,  THE
 MINORITY  LEADER  OF  THE  ASSEMBLY  AND  THE  AUTHORITIES BUDGET OFFICE
 DETAILING SUCH INVESTIGATIONS;
   3. OBTAIN FROM THE CITY ALL  INFORMATION  REQUIRED  PURSUANT  TO  THIS
 SECTION,  AND SUCH OTHER FINANCIAL STATEMENTS AND PROJECTIONS, BUDGETARY
 DATA AND INFORMATION,  AND  MANAGEMENT  REPORTS  AND  MATERIALS  AS  THE
 AUTHORITY  DEEMS  NECESSARY  OR  DESIRABLE TO ACCOMPLISH THE PURPOSES OF
 THIS TITLE;
   4. RECOMMEND TO THE CITY AND THE COVERED ORGANIZATIONS  SUCH  MEASURES
 RELATING  TO THEIR OPERATION, MANAGEMENT, EFFICIENCY AND PRODUCTIVITY AS
 S. 7497                            23
 
 THE AUTHORITY DEEMS APPROPRIATE TO REDUCE COSTS AND IMPROVE SERVICES  SO
 AS TO ADVANCE THE PURPOSES OF THIS TITLE;
   5. CONSULT WITH THE CITY IN THE PREPARATION OF THE BUDGET OF THE CITY;
   6. WITH RESPECT TO ANY CITY BORROWING PROPOSED TO BE ISSUED AFTER JULY
 FIRST, TWO THOUSAND TWENTY-FIVE, REVIEW THE TERMS OF AND COMMENT, WITHIN
 THIRTY  DAYS  AFTER NOTIFICATION BY THE CITY OF A PROPOSED BORROWING, ON
 THE PRUDENCE OF EACH PROPOSED ISSUANCE OF BONDS OR NOTES TO BE ISSUED BY
 THE CITY AND NO SUCH BORROWING SHALL BE MADE UNLESS FIRST  REVIEWED  AND
 COMMENTED  UPON  BY  THE  AUTHORITY.  THE  AUTHORITY  SHALL PROVIDE SUCH
 COMMENTS WITHIN THIRTY DAYS AFTER NOTIFICATION BY THE CITY OF A PROPOSED
 BORROWING TO THE MAYOR, THE FISCAL AFFAIRS OFFICER, THE LEGISLATURE, THE
 DIRECTOR OF THE BUDGET AND THE STATE COMPTROLLER;
   7. DETERMINE WHETHER TO MAKE TRANSITIONAL STATE AID AVAILABLE, AND  ON
 WHAT SCHEDULE, BASED UPON THE CITY'S COMPLIANCE WITH THE REQUIREMENTS OF
 SECTIONS  THIRTY-SEVEN HUNDRED SIXTY-SIX AND THIRTY-SEVEN HUNDRED SIXTY-
 SEVEN OF THIS TITLE, AS APPLICABLE, AND THE REQUIREMENTS, IF ANY, OF THE
 APPROPRIATIONS BILLS AUTHORIZING SUCH TRANSITIONAL STATE AID; AND
   8. PERFORM SUCH AUDITS AND REVIEWS OF THE CITY AND ANY AGENCY  THEREOF
 AND ANY COVERED ORGANIZATIONS AS IT DEEMS NECESSARY.
   § 3769. CONTROL PERIOD. 1. THE AUTHORITY SHALL IMPOSE A CONTROL PERIOD
 UPON ITS DETERMINATION AT ANY TIME THAT ANY OF THE FOLLOWING EVENTS HAVE
 OCCURRED OR THAT THERE IS A SUBSTANTIAL LIKELIHOOD AND IMMINENCE OF SUCH
 OCCURRENCE:  (A)  THE  CITY SHALL HAVE FAILED TO PAY THE PRINCIPAL OF OR
 INTEREST ON ANY OF ITS BONDS OR NOTES WHEN DUE OR PAYABLE, (B) THE  CITY
 SHALL  HAVE  INCURRED  A MAJOR OPERATING FUNDS DEFICIT OF ONE PERCENT OR
 MORE IN THE AGGREGATE RESULTS OF OPERATIONS OF  SUCH  FUNDS  DURING  ITS
 FISCAL  YEAR  ASSUMING  ALL  REVENUES  AND  EXPENDITURES ARE REPORTED IN
 ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, SUBJECT TO THE
 PROVISIONS OF THIS TITLE, (C) THE CITY SHALL HAVE OTHERWISE VIOLATED ANY
 PROVISION OF THIS TITLE AND SUCH  VIOLATION  SUBSTANTIALLY  IMPAIRS  THE
 MARKETABILITY  OF  THE CITY'S BONDS OR NOTES, (D) THE CHIEF FISCAL OFFI-
 CER'S CERTIFICATION AT ANY TIME, AT THE REQUEST OF THE AUTHORITY  OR  ON
 THE CHIEF FISCAL OFFICER'S INITIATIVE, WHICH CERTIFICATION SHALL BE MADE
 FROM  TIME  TO TIME AS PROMPTLY AS CIRCUMSTANCES WARRANT AND REPORTED TO
 THE AUTHORITY, THAT ON THE BASIS OF FACTS EXISTING  AT  SUCH  TIME  SUCH
 OFFICER  COULD  NOT MAKE THE CERTIFICATION DESCRIBED BY PARAGRAPH (B) OF
 THIS SUBDIVISION IN THE DEFINITION OF INTERIM FINANCE PERIOD IN  SECTION
 THIRTY-SEVEN HUNDRED FIFTY-ONE OF THIS TITLE, OR (E) THE AUTHORITY MAKES
 THE  FINDING  REQUIRED UNDER PARAGRAPH (G) OF SUBDIVISION TWO OF SECTION
 THIRTY-SEVEN HUNDRED SIXTY-SEVEN OF  THIS  TITLE.  THE  AUTHORITY  SHALL
 TERMINATE  ANY  SUCH  CONTROL PERIOD WHEN IT DETERMINES THAT NONE OF THE
 CONDITIONS WHICH WOULD PERMIT THE AUTHORITY TO IMPOSE A  CONTROL  PERIOD
 EXIST. AFTER TERMINATION OF A CONTROL PERIOD THE AUTHORITY SHALL ANNUAL-
 LY CONSIDER PARAGRAPHS (A) THROUGH (E) OF THIS SUBDIVISION AND DETERMINE
 WHETHER, IN ITS JUDGMENT, ANY OF THE EVENTS DESCRIBED IN SUCH PARAGRAPHS
 HAVE  OCCURRED  AND THE AUTHORITY SHALL PUBLISH EACH SUCH DETERMINATION.
 ANY CERTIFICATION MADE BY THE CHIEF FISCAL OFFICER  HEREUNDER  SHALL  BE
 BASED  ON  SUCH  OFFICER'S  WRITTEN  DETERMINATION WHICH SHALL TAKE INTO
 ACCOUNT A REPORT AND OPINION OF AN INDEPENDENT EXPERT IN  THE  MARKETING
 OF  MUNICIPAL  SECURITIES  SELECTED BY THE AUTHORITY, AND THE OPINION OF
 SUCH EXPERT AND ANY OTHER INFORMATION TAKEN INTO ACCOUNT SHALL  BE  MADE
 PUBLIC  WHEN DELIVERED TO THE AUTHORITY. NOTWITHSTANDING ANY PART OF THE
 FOREGOING TO THE CONTRARY, IN NO EVENT SHALL ANY CONTROL PERIOD CONTINUE
 BEYOND THE LATER OF (I) JANUARY FIRST, TWO THOUSAND FIFTY-FIVE, OR  (II)
 THE  DATE  WHEN  ALL  BONDS OF THE AUTHORITY ARE REFUNDED, DISCHARGED OR
 OTHERWISE DEFEASED.
 S. 7497                            24
 
   2. IN CARRYING OUT THE PURPOSES OF THIS TITLE DURING ANY CONTROL PERI-
 OD:
   (A)  THE  AUTHORITY  SHALL  (I)  CONSULT WITH THE CITY AND THE COVERED
 ORGANIZATIONS IN THE PREPARATION OF THE FINANCIAL PLAN, AND  CERTIFY  TO
 THE CITY THE REVENUE ESTIMATES APPROVED THEREIN, (II) PRESCRIBE THE FORM
 OF  THE  FINANCIAL  PLAN  AND  THE  SUPPORTING  INFORMATION  REQUIRED IN
 CONNECTION THEREWITH, (III) EXERCISE THE RIGHTS OF APPROVAL, DISAPPROVAL
 AND MODIFICATION WITH RESPECT TO THE FINANCIAL PLAN, INCLUDING  BUT  NOT
 LIMITED  TO  THE  REVENUE  ESTIMATES  CONTAINED THEREIN, AND (IV) IN THE
 EVENT THE AUTHORITY HAS MADE THE FINDING REQUIRED UNDER SECTION  THIRTY-
 SEVEN HUNDRED SIXTY-SEVEN OF THIS TITLE, FORMULATE AND ADOPT ITS MODIFI-
 CATIONS TO THE FINANCIAL PLAN, SUCH MODIFICATIONS TO BECOME EFFECTIVE ON
 THEIR ADOPTION BY THE AUTHORITY.
   (B)  THE AUTHORITY SHALL, FROM TIME TO TIME AND TO THE EXTENT IT DEEMS
 NECESSARY OR DESIRABLE IN ORDER  TO  ACCOMPLISH  THE  PURPOSES  OF  THIS
 TITLE,  (I) REVIEW THE OPERATIONS, MANAGEMENT, EFFICIENCY AND PRODUCTIV-
 ITY OF SUCH  CITY  OPERATIONS  AND  OF  SUCH  COVERED  ORGANIZATIONS  OR
 PORTIONS THEREOF AS THE AUTHORITY MAY DETERMINE, AND MAKE REPORTS THERE-
 ON;  (II)  AUDIT COMPLIANCE WITH THE FINANCIAL PLAN IN SUCH AREAS AS THE
 AUTHORITY MAY DETERMINE; (III) RECOMMEND TO THE  CITY  AND  THE  COVERED
 ORGANIZATIONS  SUCH  MEASURES  RELATING TO THEIR OPERATIONS, MANAGEMENT,
 EFFICIENCY AND PRODUCTIVITY AS IT DEEMS APPROPRIATE TO REDUCE COSTS  AND
 IMPROVE  SERVICES  SO AS TO ADVANCE THE PURPOSES OF THIS TITLE; AND (IV)
 OBTAIN INFORMATION ON THE FINANCIAL CONDITION AND NEEDS OF THE CITY  AND
 THE  COVERED  ORGANIZATIONS. NOTHING HEREIN SHALL DIMINISH THE POWERS OF
 THE STATE COMPTROLLER OTHERWISE PROVIDED BY LAW AND  THE  AUTHORITY  MAY
 REQUEST  THE  ASSISTANCE  OF THE STATE COMPTROLLER IN THE PERFORMANCE OF
 THE ABOVE FUNCTIONS.
   (C) THE AUTHORITY SHALL (I) RECEIVE FROM  THE  CITY  AND  THE  COVERED
 ORGANIZATIONS AND FROM THE STATE COMPTROLLER, AND REVIEW, SUCH FINANCIAL
 STATEMENTS  AND PROJECTIONS, BUDGETARY DATA AND INFORMATION, AND MANAGE-
 MENT REPORTS AND MATERIALS AS THE AUTHORITY DEEMS NECESSARY OR DESIRABLE
 TO ACCOMPLISH THE PURPOSES OF THIS TITLE, AND  (II)  INSPECT,  COPY  AND
 AUDIT  SUCH  BOOKS AND RECORDS OF THE CITY AND THE COVERED ORGANIZATIONS
 AS THE AUTHORITY DEEMS NECESSARY OR DESIRABLE TO ACCOMPLISH THE PURPOSES
 OF THIS TITLE.
   (D) ALL CONTRACTS ENTERED INTO BY THE CITY OR ANY COVERED ORGANIZATION
 DURING ANY CONTROL PERIOD MUST BE CONSISTENT WITH THE PROVISIONS OF THIS
 TITLE AND MUST COMPLY WITH THE REQUIREMENTS OF  THE  FINANCIAL  PLAN  AS
 APPROVED  BY THE AUTHORITY. WITH RESPECT TO ALL CONTRACTS OR OTHER OBLI-
 GATIONS TO BE ENTERED INTO BY  THE  CITY  OR  ANY  COVERED  ORGANIZATION
 DURING  ANY  CONTROL PERIOD REQUIRING THE PAYMENT OF FUNDS OR THE INCUR-
 RING OF COSTS BY THE CITY OR ANY COVERED ORGANIZATIONS:
   (I) WITHIN TWENTY DAYS FROM THE COMMENCEMENT OF A CONTROL PERIOD,  THE
 MAYOR  SHALL PRESENT TO THE AUTHORITY PROPOSED GUIDELINES RESPECTING THE
 CATEGORIES AND TYPES OF CONTRACTS AND OTHER OBLIGATIONS REQUIRED  TO  BE
 REVIEWED  BY THE AUTHORITY PURSUANT TO THIS SUBDIVISION. ANY SUCH GUIDE-
 LINES MAY PROVIDE A  DIFFERENT  STANDARD  FOR  REVIEW  WITH  RESPECT  TO
 CONTRACTS  OF ANY COVERED ORGANIZATION AS THE AUTHORITY SHALL DETERMINE.
 WITHIN THIRTY DAYS FROM  THE  COMMENCEMENT  OF  A  CONTROL  PERIOD,  THE
 AUTHORITY  SHALL  APPROVE OR MODIFY AND APPROVE SUCH PROPOSED GUIDELINES
 OR PROMULGATE ITS OWN IN THE EVENT THAT SUCH PROPOSED GUIDELINES ARE NOT
 SUBMITTED TO IT WITHIN THE TWENTY DAYS AS PROVIDED  FOR  HEREIN.    SUCH
 GUIDELINES MAY THEREAFTER BE MODIFIED BY THE AUTHORITY FROM TIME TO TIME
 ON NOT LESS THAN THIRTY DAYS' NOTICE TO THE MAYOR AND THE MAYOR MAY FROM
 TIME  TO  TIME  PROPOSE MODIFICATIONS TO THE AUTHORITY. UNLESS EXPRESSLY
 S. 7497                            25

 DISAPPROVED OR MODIFIED BY THE AUTHORITY WITHIN  THIRTY  DAYS,  OR  SUCH
 ADDITIONAL  TIME, NOT EXCEEDING THIRTY DAYS, AS THE AUTHORITY SHALL HAVE
 NOTIFIED THE CITY OR COVERED ORGANIZATION THAT IT REQUIRES  TO  COMPLETE
 IT'S  REVIEW AND ANALYSIS, FROM THE DATE OF SUBMISSION BY THE MAYOR, ANY
 SUCH PROPOSED GUIDELINES OR MODIFICATIONS SHALL BE  DEEMED  APPROVED  BY
 THE AUTHORITY;
   (II)  PRIOR  TO ENTERING INTO ANY CONTRACT OR OTHER OBLIGATION SUBJECT
 TO REVIEW OF THE AUTHORITY UNDER ITS GUIDELINES, THE CITY OR ANY COVERED
 ORGANIZATION SHALL SUBMIT A COPY OF SUCH CONTRACT OR OTHER OBLIGATION TO
 THE AUTHORITY ACCOMPANIED BY AN ANALYSIS OF THE PROJECTED COSTS OF  SUCH
 CONTRACT  OR OTHER OBLIGATION AND CERTIFICATION THAT PERFORMANCE THEREOF
 WILL BE IN ACCORDANCE WITH THE FINANCIAL PLAN, ALL IN SUCH FORM AND WITH
 SUCH ADDITIONAL INFORMATION AS THE AUTHORITY MAY PRESCRIBE. THE AUTHORI-
 TY SHALL PROMPTLY REVIEW THE TERMS OF SUCH CONTRACT OR OTHER  OBLIGATION
 AND THE SUPPORTING INFORMATION IN ORDER TO DETERMINE COMPLIANCE WITH THE
 FINANCIAL PLAN;
   (III)  THE AUTHORITY SHALL, BY ORDER, DISAPPROVE ANY CONTRACT OR OTHER
 OBLIGATION REVIEWED BY IT ONLY AFTER ADOPTION OF A RESOLUTION  DETERMIN-
 ING  THAT,  IN  ITS  JUDGMENT, THE PERFORMANCE OF SUCH CONTRACT OR OTHER
 OBLIGATION WOULD BE INCONSISTENT WITH THE FINANCIAL PLAN, AND UPON  SUCH
 ORDER  THE  CITY  OR  COVERED  ORGANIZATION  SHALL  NOT  ENTER INTO SUCH
 CONTRACT OR OTHER OBLIGATION; AND
   (IV) IF THE AUTHORITY APPROVES THE TERMS OF  A  REVIEWED  CONTRACT  OR
 OTHER  OBLIGATION,  THE CITY OR COVERED ORGANIZATION MAY ENTER INTO SUCH
 CONTRACT OR OTHER OBLIGATION UPON THE TERMS SUBMITTED TO THE  AUTHORITY.
 FAILURE  OF  THE  AUTHORITY  TO  NOTIFY THE CITY OR COVERED ORGANIZATION
 WITHIN THIRTY DAYS, OR SUCH ADDITIONAL TIME, NOT EXCEEDING THIRTY  DAYS,
 AS  THE  AUTHORITY  SHALL HAVE NOTIFIED THE CITY OR COVERED ORGANIZATION
 THAT IT REQUIRES TO COMPLETE ITS REVIEW AND ANALYSIS,  AFTER  SUBMISSION
 TO  IT  OF  A  CONTRACT  OR OTHER OBLIGATION THAT SUCH CONTRACT OR OTHER
 OBLIGATION HAS BEEN DISAPPROVED SHALL BE DEEMED TO CONSTITUTE  AUTHORITY
 APPROVAL THEREOF.
   (E)  THE  AUTHORITY  SHALL REVIEW THE TERMS OF EACH PROPOSED LONG-TERM
 AND SHORT-TERM BORROWING BY THE CITY AND ANY COVERED ORGANIZATION TO  BE
 AFFECTED  DURING ANY CONTROL PERIOD, AND NO SUCH BORROWING SHALL BE MADE
 DURING ANY CONTROL PERIOD  UNLESS  IT  IS  APPROVED  BY  THE  AUTHORITY.
 NEITHER  THE  CITY NOR ANY COVERED ORGANIZATION SHALL BE PROHIBITED FROM
 ISSUING BONDS OR NOTES TO PAY OUTSTANDING BONDS OR NOTES.
   (F) THE AUTHORITY SHALL ISSUE, TO THE APPROPRIATE OFFICIAL OF THE CITY
 AND EACH COVERED ORGANIZATION, SUCH ORDERS  AS  IT  DEEMS  NECESSARY  TO
 ACCOMPLISH  THE  PURPOSES  OF THIS TITLE, INCLUDING, BUT NOT LIMITED TO,
 TIMELY AND SATISFACTORY IMPLEMENTATION OF AN  APPROVED  FINANCIAL  PLAN.
 ANY  ORDER  SO  ISSUED SHALL BE BINDING UPON THE OFFICIAL TO WHOM IT WAS
 ISSUED AND FAILURE TO COMPLY WITH SUCH ORDER SHALL SUBJECT THE  OFFICIAL
 TO THE PENALTIES DESCRIBED IN SUBDIVISION FOUR OF THIS SECTION.
   (G) THE AUTHORITY IS AUTHORIZED TO AND SHALL WITHHOLD ANY TRANSITIONAL
 STATE AID AND NOT PAY SUCH MONEYS TO THE CITY DURING ANY CONTROL PERIOD.
   3. (A) DURING A CONTROL PERIOD, UPON A FINDING BY THE AUTHORITY THAT A
 WAGE FREEZE IS ESSENTIAL TO THE ADOPTION OR MAINTENANCE OF A CITY BUDGET
 OR  A FINANCIAL PLAN THAT IS IN COMPLIANCE WITH THIS TITLE, THE AUTHORI-
 TY, AFTER ENACTMENT OF A RESOLUTION SO FINDING,  MAY  DECLARE  A  FISCAL
 CRISIS. UPON MAKING SUCH A DECLARATION, THE AUTHORITY SHALL BE EMPOWERED
 TO  ORDER THAT ALL INCREASES IN SALARY OR WAGES OF EMPLOYEES OF THE CITY
 AND EMPLOYEES OF COVERED ORGANIZATIONS WHICH WILL TAKE EFFECT AFTER  THE
 DATE  OF  THE  ORDER PURSUANT TO COLLECTIVE BARGAINING AGREEMENTS, OTHER
 ANALOGOUS CONTRACTS OR INTEREST ARBITRATION AWARDS, NOW IN EXISTENCE  OR
 S. 7497                            26
 
 HEREAFTER  ENTERED  INTO, REQUIRING SUCH SALARY INCREASES AS OF ANY DATE
 THEREAFTER ARE SUSPENDED. SUCH ORDER MAY ALSO PROVIDE THAT ALL INCREASED
 PAYMENTS FOR HOLIDAY AND VACATION DIFFERENTIALS, AND SHIFT DIFFERENTIALS
 FOR  EMPLOYEES  OF THE CITY AND EMPLOYEES OF COVERED ORGANIZATIONS WHICH
 WILL TAKE EFFECT AFTER THE DATE OF  THE  ORDER  PURSUANT  TO  COLLECTIVE
 BARGAINING AGREEMENTS, OTHER ANALOGOUS CONTRACTS OR INTEREST ARBITRATION
 AWARDS  REQUIRING SUCH INCREASED PAYMENTS AS OF ANY DATE THEREAFTER ARE,
 IN THE SAME MANNER, SUSPENDED. SUCH ORDER  MAY  ALSO  PROVIDE  THAT  ALL
 INCREASED PAYMENTS FOR SALARY ADJUSTMENTS ACCORDING TO PLAN AND STEP-UPS
 OR  INCREMENTS  BE  SUSPENDED;  PROVIDED,  HOWEVER,  WHEN  (I) THE MAYOR
 PROVIDES A FOUR YEAR FINANCIAL PLAN APPROVED  BY  THE  CITY  LEGISLATURE
 PURSUANT  TO  PARAGRAPH  (A)  OF SUBDIVISION TWO OF SECTION THIRTY-SEVEN
 HUNDRED SIXTY-SEVEN OF THIS TITLE AND THE AUTHORITY DETERMINES, PURSUANT
 TO PARAGRAPH (B) OF  SUCH  SUBDIVISION,  THAT  SUCH  FINANCIAL  PLAN  IS
 COMPLETE  AND COMPLIES WITH THE STANDARDS SET FORTH IN SUCH SUBDIVISION,
 AND (II) THE AUTHORITY MAKES A CERTIFICATION TO THE CITY  SETTING  FORTH
 REVENUE  ESTIMATES  AGREED  TO  BY THE AUTHORITY IN ACCORDANCE WITH SUCH
 DETERMINATION, THE SALARY ADJUSTMENTS ACCORDING TO PLAN AND STEP-UPS  OR
 INCREMENTS,  NOT  INCLUDING  COST  OF  LIVING  INCREASES,  SHALL  NOT BE
 SUSPENDED FOR EACH YEAR IN WHICH THE FOUR YEAR FINANCIAL PLAN  HAS  BEEN
 CERTIFIED. THIS INABILITY TO SUSPEND THE SALARY ADJUSTMENTS ACCORDING TO
 PLAN  AND  STEP-UPS  OR INCREMENTS SHALL BE APPLICABLE TO CITY EMPLOYEES
 AND EMPLOYEES OF COVERED ORGANIZATIONS, WHETHER OR NOT THEY ARE  COVERED
 BY  A  COLLECTIVELY  NEGOTIATED  AGREEMENT, IF AN INDIVIDUAL EMPLOYEE OR
 MEMBERS OF AN EMPLOYEE'S BARGAINING UNIT PREVIOUSLY  PARTICIPATED  IN  A
 WAGE  FREEZE  IMPLEMENTED  BY  THE AUTHORITY UNDER THIS SECTION AND SUCH
 WAGE FREEZE WAS SUBSEQUENTLY LIFTED BY THE AUTHORITY BY THE ISSUANCE  OF
 A  RESOLUTION,  PURSUANT  TO  PARAGRAPH  (B) OR (C) OF THIS SUBDIVISION,
 CERTIFYING THAT THE SUSPENSION OF THEIR WAGE INCREASES OR  AN  AGREEMENT
 BY  THE  COLLECTIVE  BARGAINING  REPRESENTATIVE OR BY SUCH UNREPRESENTED
 EMPLOYEE WAS AN ACCEPTABLE AND APPROPRIATE CONTRIBUTION TOWARD ALLEVIAT-
 ING THE FISCAL CRISIS OF THE CITY. IRRESPECTIVE OF THE DURATION  OF  ANY
 APPROVED  OR  ACCEPTED  FOUR  YEAR FINANCIAL PLAN, FOR EMPLOYEES WHO ARE
 MEMBERS OF A BARGAINING UNIT,  THIS  INABILITY  TO  SUSPEND  THE  SALARY
 ADJUSTMENT  ACCORDING  TO  PLAN  AND  STEP-UPS  OR INCREMENTS SHALL TAKE
 EFFECT OCTOBER FIRST, TWO THOUSAND FORTY-ONE AND SHALL BE IN EFFECT  FOR
 EMPLOYEES  FOR  THE DURATION OF THE NEXT COLLECTIVE BARGAINING AGREEMENT
 SUCCEEDING EITHER (I) THE COLLECTIVE BARGAINING AGREEMENT IN  EFFECT  ON
 NOVEMBER  SIXTH,  TWO  THOUSAND  FORTY-THREE  OR  (II) THE MOST RECENTLY
 EXPIRED COLLECTIVE BARGAINING AGREEMENT PRIOR  TO  NOVEMBER  SIXTH,  TWO
 THOUSAND  FORTY-THREE;  WHICHEVER IS LATER. IF THE SUCCEEDING COLLECTIVE
 BARGAINING AGREEMENT'S DURATION IS MODIFIED, EXTENDED, OR RENEWED,  THIS
 MODIFICATION,  EXTENSION OR RENEWAL DOES NOT MODIFY, EXTEND OR RENEW THE
 TERM OF THE INABILITY TO SUSPEND SALARY ADJUSTMENTS  ACCORDING  TO  PLAN
 AND  STEP-UPS  OR  INCREMENTS.  FOR  EMPLOYEES  WHO ARE NOT MEMBERS OF A
 BARGAINING UNIT, THIS INABILITY TO SUSPEND THE SALARY ADJUSTMENT ACCORD-
 ING TO PLAN AND STEP-UPS OR INCREMENTS SHALL BE EFFECTIVE OCTOBER FIRST,
 TWO THOUSAND FORTY-ONE THROUGH DECEMBER FIRST, TWO  THOUSAND  FORTY-SIX.
 FOR THE PURPOSES OF COMPUTING THE PENSION BASE OF RETIREMENT ALLOWANCES,
 ANY  SUSPENDED SALARY OR WAGE INCREASES AND ANY SUSPENDED OTHER PAYMENTS
 SHALL NOT BE CONSIDERED AS PART OF COMPENSATION OR FINAL COMPENSATION OR
 OF ANNUAL SALARY EARNED OR EARNABLE. THE  SUSPENSIONS  AUTHORIZED  HERE-
 UNDER  SHALL CONTINUE UNTIL ONE YEAR AFTER THE DATE OF THE ORDER AND, TO
 THE EXTENT OF ANY DETERMINATION OF THE AUTHORITY THAT A CONTINUATION  OF
 SUCH  SUSPENSIONS, TO A DATE SPECIFIED BY THE AUTHORITY, IS NECESSARY IN
 ORDER TO ACHIEVE THE OBJECTIVES OF THE FINANCIAL PLAN, SUCH  SUSPENSIONS
 S. 7497                            27
 
 SHALL  BE  CONTINUED  TO THE DATE SPECIFIED BY THE AUTHORITY, WHICH DATE
 SHALL IN NO EVENT BE LATER THAN THE END OF THE INTERIM  FINANCE  PERIOD,
 PROVIDED THAT SUCH SUSPENSIONS SHALL TERMINATE WITH RESPECT TO EMPLOYEES
 WHO  HAVE  AGREED  TO  A  DEFERRAL  OF  SALARY OR WAGE INCREASE UPON THE
 CERTIFICATION OF THE AGREEMENT BY THE AUTHORITY  PURSUANT  TO  PARAGRAPH
 (B) OF THIS SUBDIVISION.
   (B)  THIS SUBDIVISION SHALL NOT BE APPLICABLE TO EMPLOYEES OF THE CITY
 OR EMPLOYEES OF A COVERED ORGANIZATION COVERED BY A COLLECTIVE  BARGAIN-
 ING  AGREEMENT  OR AN EMPLOYEE OF THE CITY OR A COVERED ORGANIZATION NOT
 COVERED BY  A  COLLECTIVE  BARGAINING  AGREEMENT  WHERE  THE  COLLECTIVE
 BARGAINING REPRESENTATIVE OR SUCH UNREPRESENTED EMPLOYEE HAS AGREED TO A
 DEFERMENT  OF SALARY OR WAGE INCREASE, BY AN INSTRUMENT IN WRITING WHICH
 HAS BEEN CERTIFIED BY THE AUTHORITY AS BEING AN ACCEPTABLE AND APPROPRI-
 ATE CONTRIBUTION TOWARD ALLEVIATING THE FISCAL CRISIS OF THE  CITY.  ANY
 SUCH  AGREEMENT  TO  A  DEFERMENT OF SALARY OR WAGE INCREASE MAY PROVIDE
 THAT FOR THE PURPOSES OF COMPUTING THE PENSION BASE OF RETIREMENT ALLOW-
 ANCES, ANY DEFERRED SALARY OR WAGE INCREASE MAY BE CONSIDERED AS PART OF
 COMPENSATION OR FINAL COMPENSATION OR OF ANNUAL SALARY EARNED OR  EARNA-
 BLE.
   (C)  THE  AUTHORITY  MAY,  IF IT FINDS THAT THE FISCAL CRISIS HAS BEEN
 SUFFICIENTLY ALLEVIATED OR FOR ANY OTHER APPROPRIATE REASON, DIRECT THAT
 THE SUSPENSIONS OF SALARY OR WAGE  INCREASES  OR  SUSPENSIONS  OF  OTHER
 INCREASED  PAYMENTS  OR  BENEFITS  SHALL, IN WHOLE OR IN PART, BE TERMI-
 NATED.
   4. (A) IF THE AUTHORITY HAS  DECLARED  A  FISCAL  CRISIS  PURSUANT  TO
 SUBDIVISION  THREE  OF THIS SECTION, THE AUTHORITY SHALL BE EMPOWERED TO
 ORDER A HIRING FREEZE AND SUSPEND THE HIRING OF  NEW  EMPLOYEES  IF  THE
 AUTHORITY  DETERMINES  THAT  SUCH  HIRING  FREEZE  IS  ESSENTIAL  TO THE
 ADOPTION OR MAINTENANCE OF A CITY BUDGET OR A FINANCIAL PLAN THAT IS  IN
 COMPLIANCE WITH THIS TITLE.
   (B)  THE  AUTHORITY  MAY,  IF IT FINDS THAT THE FISCAL CRISIS HAS BEEN
 SUFFICIENTLY ALLEVIATED OR FOR ANY OTHER APPROPRIATE REASON, DIRECT THAT
 THE SUSPENSIONS OF HIRING SHALL, IN WHOLE OR IN PART, BE TERMINATED.
   5. (A) DURING ANY CONTROL PERIOD (I) NO OFFICER  OR  EMPLOYEE  OF  THE
 CITY  OR  OF ANY OF THE COVERED ORGANIZATIONS SHALL MAKE OR AUTHORIZE AN
 OBLIGATION OR OTHER LIABILITY IN EXCESS OF THE AMOUNT AVAILABLE THEREFOR
 UNDER THE FINANCIAL PLAN AS THEN IN EFFECT; (II) NO OFFICER OR  EMPLOYEE
 OF  THE  CITY  OR  OF ANY OF THE COVERED ORGANIZATIONS SHALL INVOLVE THE
 CITY OR ANY OF THE COVERED ORGANIZATIONS IN ANY CONTRACT OR OTHER  OBLI-
 GATION OR LIABILITY FOR THE PAYMENT OF MONEY FOR ANY PURPOSE REQUIRED TO
 BE  APPROVED  BY THE AUTHORITY UNLESS SUCH CONTRACT HAS BEEN SO APPROVED
 AND UNLESS SUCH CONTRACT OR OBLIGATION OR  LIABILITY  IS  IN  COMPLIANCE
 WITH THE FINANCIAL PLAN AS THEN IN EFFECT.
   (B) NO OFFICER OR EMPLOYEE OF THE CITY OR ANY OF THE COVERED ORGANIZA-
 TIONS  SHALL  TAKE  ANY  ACTION  IN  VIOLATION OF ANY VALID ORDER OF THE
 AUTHORITY OR SHALL FAIL OR REFUSE TO TAKE ANY  ACTION  REQUIRED  BY  ANY
 SUCH ORDER OR SHALL PREPARE, PRESENT OR CERTIFY ANY INFORMATION (INCLUD-
 ING  ANY  PROJECTIONS OR ESTIMATES) OR REPORT TO THE AUTHORITY OR ANY OF
 ITS AGENTS THAT IS FALSE OR MISLEADING, OR, UPON LEARNING THAT ANY  SUCH
 INFORMATION  IS  FALSE  OR MISLEADING, SHALL FAIL PROMPTLY TO ADVISE THE
 AUTHORITY OR ITS AGENTS THEREOF.
   (C) IN ADDITION TO ANY PENALTY OR LIABILITY UNDER ANY OTHER  LAW,  ANY
 OFFICER OR EMPLOYEES OF THE CITY OR ANY OF THE COVERED ORGANIZATIONS WHO
 SHALL  VIOLATE PARAGRAPH (A) OR (B) OF THIS SUBDIVISION SHALL BE SUBJECT
 TO APPROPRIATE ADMINISTRATIVE DISCIPLINE, INCLUDING, WHEN  CIRCUMSTANCES
 WARRANT,  SUSPENSION  FROM  DUTY  WITHOUT  PAY OR REMOVAL FROM OFFICE BY
 S. 7497                            28
 
 ORDER OF EITHER THE GOVERNOR OR THE MAYOR; AND ANY OFFICER OR  EMPLOYEES
 OF  THE CITY OR ANY OF THE COVERED ORGANIZATIONS WHO SHALL KNOWINGLY AND
 WILLFULLY VIOLATE PARAGRAPH (A) OR (B) OF THIS SUBDIVISION  SHALL,  UPON
 CONVICTION, BE GUILTY OF A MISDEMEANOR.
   (D)  IN THE CASE OF A VIOLATION OF PARAGRAPH (A) OR (B) OF THIS SUBDI-
 VISION BY AN OFFICER OR EMPLOYEE OF THE  CITY  OR  ANY  OF  THE  COVERED
 ORGANIZATIONS,  THE MAYOR OR THE CHIEF EXECUTIVE OFFICER OF SUCH COVERED
 ORGANIZATION SHALL IMMEDIATELY REPORT TO  THE  AUTHORITY  ALL  PERTINENT
 FACTS TOGETHER WITH A STATEMENT OF THE ACTION TAKEN THEREON.
   §  3770.  MISCELLANEOUS PROVISIONS. 1. NOTWITHSTANDING ANYTHING TO THE
 CONTRARY IN TITLE SIX-A OF ARTICLE TWO OF THE LOCAL FINANCE LAW, NEITHER
 THE CITY NOR ANY COVERED ORGANIZATION SHALL FILE ANY PETITION AUTHORIZED
 BY SUCH TITLE SIX-A WITHOUT THE APPROVAL OF THE AUTHORITY AND THE  STATE
 COMPTROLLER. NO SUCH PETITION SHALL BE FILED AS LONG AS ANY BONDS ISSUED
 BY  THE  AUTHORITY  REMAIN  OUTSTANDING. FAILURE OF THE AUTHORITY OR THE
 STATE COMPTROLLER TO NOTIFY THE CITY OR A  COVERED  ORGANIZATION  WITHIN
 THIRTY  DAYS, OR SUCH ADDITIONAL TIME, NOT EXCEEDING THIRTY DAYS, AS THE
 AUTHORITY OR STATE COMPTROLLER SHALL HAVE NOTIFIED THE CITY  OR  COVERED
 ORGANIZATION  THAT  IT REQUIRES TO COMPLETE ITS REVIEW, AFTER SUBMISSION
 TO IT OF A PETITION SHALL BE DEEMED TO  CONSTITUTE  AUTHORITY  OR  STATE
 COMPTROLLER APPROVAL THEREOF.
   2.  NOTHING  CONTAINED IN THIS TITLE SHALL LIMIT THE RIGHT OF THE CITY
 OR ANY COVERED ORGANIZATION TO COMPLY WITH THE PROVISIONS OF ANY  EXIST-
 ING  CONTRACT  WITHIN  OR FOR THE BENEFIT OF THE HOLDERS OF ANY BONDS OR
 NOTES OF THE CITY OR SUCH COVERED ORGANIZATION.
   3. NOTHING CONTAINED IN THIS TITLE SHALL BE  CONSTRUED  TO  LIMIT  THE
 POWER  OF  THE CITY OR A COVERED ORGANIZATION DURING ANY INTERIM FINANCE
 PERIOD TO DETERMINE, FROM TIME TO TIME, WITHIN AVAILABLE FUNDS  FOR  THE
 CITY  OR  FOR SUCH COVERED ORGANIZATION, THE PURPOSES FOR WHICH EXPENDI-
 TURES ARE TO BE MADE BY THE CITY OR SUCH COVERED  ORGANIZATION  AND  THE
 AMOUNTS OF SUCH EXPENDITURES, CONSISTENT WITH THE AGGREGATE EXPENDITURES
 THEN  PERMITTED  UNDER  THE  FINANCIAL PLAN FOR THE CITY OR SUCH COVERED
 ORGANIZATION.
   4. THE AUTHORITY'S FISCAL YEAR SHALL BE JANUARY FIRST THROUGH DECEMBER
 THIRTY-FIRST.
   5. THE AUTHORITY SHALL ADOPT GUIDELINES FOR PROCUREMENT  CONTRACTS  IN
 ACCORDANCE  WITH SECTION TWENTY-EIGHT HUNDRED SEVENTY-NINE OF THIS CHAP-
 TER.
   § 3771. 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,  ORDINANCE  OR  RESOL-
 UTION  OF  ANY  MUNICIPALITY,  THE  PROVISIONS  OF  THIS  TITLE SHALL BE
 CONTROLLING. NOTHING CONTAINED IN THIS SECTION SHALL BE HELD TO  SUPPLE-
 MENT OR OTHERWISE EXPAND THE POWERS OR DUTIES OF THE AUTHORITY OTHERWISE
 SET FORTH IN THIS TITLE.
   §  3772.  SEPARABILITY;  CONSTRUCTION.  IF ANY CLAUSE, SENTENCE, PARA-
 GRAPH, SECTION, OR PART OF THIS TITLE SHALL BE ADJUDGED BY ANY COURT  OF
 COMPETENT  JURISDICTION  TO  BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT,
 IMPAIR OR INVALIDATE THE REMAINDER THEREOF, BUT SHALL BE CONFINED IN ITS
 OPERATION TO THE CLAUSE, SENTENCE, PARAGRAPH, SECTION, OR  PART  THEREOF
 INVOLVED  IN  THE  CONTROVERSY  IN  WHICH  SUCH JUDGMENT SHALL HAVE BEEN
 RENDERED. THE PROVISIONS OF THIS TITLE SHALL BE LIBERALLY  CONSTRUED  TO
 ASSIST THE EFFECTUATION OF THE PUBLIC PURPOSES FURTHERED HEREBY.
   § 2. This act shall take effect immediately.