§ 2784. County approval of capital projects. 1. It is the intention of
the county to select and approve a specific airport redevelopment
program for the Albany county airport upon completion of the federal
aviation administration and New York state environmental review
processes initiated in January of nineteen hundred ninety-two by Albany
county for the Albany county airport development project, which project
is identified in the "Draft SEQR Environmental Impact Statement/FAA
Environmental Assessment prepared for the FAA/Eastern Region and the
Albany County Legislature," by Louis Berger & Associates, Inc. and which
two volume document was accepted as complete and adequate for public and
agency review by Resolution one hundred fifty-seven of nineteen hundred
ninety-three (March 8, 1993). The Albany county airport redevelopment
program will be determined by the Albany county legislature as part of
the adoption of a state environmental quality review act findings
statement for said environmental impact statement. The airport
redevelopment program referred to in this subdivision shall not be
subject to the provisions of subdivision two of this section.

2. No capital project, other than the redevelopment project described
in subdivision one of this section, shall be undertaken by the authority
unless it shall first have been approved by the county legislature as
part of a five-year capital program plan. For purposes of this section,
the term "capital project" shall be defined as the construction,
reconstruction or acquisition of airport or aviation facilities.

3. (a) On or before September first, nineteen hundred ninety-five, and
on or before September first of every fifth year thereafter, the
authority shall submit to the county legislature a capital projects plan
for the five year period commencing January first of the following year.
The plan shall set goals and objectives for capital spending and
describe each capital project proposed to be initiated in each of the
years covered by the plan. Each plan shall also set forth an estimate of
the amount of capital funding required each year and the expected
sources of such funding. Each plan subsequent to the first such plan and
each proposed amendment or modification thereof shall also describe the
current status of capital projects included in previously approved
plans.

(b) (1) A plan may be approved by the county legislature by a majority
vote of the members. If the plan is not voted on within ninety days of
its submission to the legislature, it shall be deemed approved;
provided, however, that the legislature may agree to extend the time
period in which it must vote on the plan.

(2) If the plan is not approved, the authority may thereafter
reformulate and resubmit for approval such plan at any time. If the
reformulated plan is not voted on within forty-five days of its
submission to the legislature, it shall be deemed approved; provided,
however, that the legislature may agree to extend the time period in
which it must vote on the reformulated plan.

(c) The authority may from time to time submit to the county
amendments or modifications to the plan. If the amendments or
modifications are not voted on within forty-five days of its submission
to the legislature, it shall be deemed approved; provided, however, that
the legislature may agree to extend the time period in which it must
vote on the amended or modified plan.

4. The disapproval of a plan by the county legislature shall not
affect: (a) the right of the authority to issue bonds or notes to
finance a capital project which was initiated prior to such disapproval
in conformity with a previously approved plan; (b) the right of the
authority to issue its bonds, notes, lease, sublease or other
contractual obligations in payment for a project initiated prior to such
disapproval in conformity with a previously approved plan; (c) the right
of the authority to issue bonds or notes to refund or otherwise repay
any of its outstanding bonds or notes or to fulfill any of their
obligations to the holders of any of their outstanding bonds or notes;
or (d) the right of the authority to issue its bonds, notes, lease,
sublease or other contractual obligations to refund or otherwise repay
any of its outstanding bonds or notes or to fulfill any of its
obligations to the holders of any of its outstanding bonds or notes.