§ 2799-ff. Declaration of need. 1. The mayor shall determine and
declare at least annually whether a capital financing need exists. When
the mayor determines that a capital financing need exists, the mayor
shall so certify and submit to the authority a transitional capital
plan. Such plan shall include only projects whose costs are
appropriated in the capital budget of the city and shall describe by
reference to the capital budget of the city the particular projects and
costs requested to be financed in whole or in part by the authority.

2. Concurrent with the submission to the authority of the
certification, request and plan, the mayor shall submit copies of such
certification, request and plan to the comptroller, the speaker of the
council, the governor and the state comptroller, and to the chair and
ranking minority member of the senate finance committee and the chair
and ranking minority member of the assembly ways and means committee,
and to the state financial control board for the city.

3. At the time of submission, (a) the mayor shall publish notice of
such plan and the availability of digests thereof in at least one
newspaper of general circulation within the city, which notice shall
also state that a public hearing will be held to consider the plan at a
specified time and place on a date not less than thirty days after such
publication; (b) the mayor or his designee shall conduct public hearings
pursuant to such notice; (c) any person shall have the opportunity to
present written comments on the plan within thirty days after the date
of the public hearing; and (d) after due consideration of such testimony
and comments, if any, the mayor shall affirm, modify or withdraw the
plan.

4. Upon declaration by the mayor of such need, the mayor shall request
that the authority provide financing in accordance with the provisions
of this title.

5. Upon approval by the authority that such a capital financing need
exists pursuant to such submissions, the authority may:

(a) authorize agreements between the city and the authority in
accordance with the provisions of this title. Such agreements shall not
constitute indebtedness of the city for purposes of section 20.00 of the
local finance law or any constitutional or statutory limitation.

(b) enter into agreements with the city and the city, acting by the
mayor alone, 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. 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.

6. Such agreements (i) shall describe by reference to the capital
budget of the city the particular projects and costs to be financed in
whole or in part by the authority, (ii) shall describe the plan for the
financing of the costs or projects, (iii) shall 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, which disbursements
shall occur, subject to receipt by the authority of such documentation
as to the costs being reimbursed as the authority shall reasonably
require, at least monthly, (iv) shall 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 (v) shall require every contract entered into by the city, or
another entity receiving funds from the city, for projects or costs to
be financed in whole or in part by the authority to be subject to the
provisions of the New York city charter and other applicable laws
governing contracts of the city or such entity, as the case may be.

7. 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
comptroller, the speaker of the council, 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 committee on the projects financed by the authority and the
amount of such financing for each such project over the past year, which
report shall, by reference to specific items in the city's capital
budget, describe the type and location of each such project.