§ 3060. Remedies of the corporation. 1. The corporation shall cause
each proposed budget, including related revenue estimates, submitted to
it pursuant to subdivision four of section three thousand fifty-eight of
this title, and each proposed modification furnished to it pursuant to
subdivision four of such section and each expenditure plan and
operations report submitted to it pursuant to subdivision six of such
section, to be reviewed promptly by the corporation's staff or designee.

2. If, within forty-five days after such receipt of proposed budgets,
or, if within fifty days after such receipt of a proposed modification,
the board of directors shall, in its judgement, determine that any such
budgets will not be balanced in accordance with the provisions of
subdivision five of section three thousand fifty-eight of this title,
either by its terms or because revenue is overestimated or expenditures
are underestimated therein, or that a report of proposed modification
pursuant to subdivision five of section three thousand fifty-eight of
this title reflects that the budgets would thereafter not be balanced in
accordance with the provisions of subdivision four of section three
thousand fifty-eight of this title, or that a condition imposed pursuant
to such section has not been met or will not be met, with respect to
such fiscal year, then the corporation shall promptly notify the chief
executive officer of such determination and shall review with him the
manner in which corrective action may be taken in order to comply with
such conditions.

3. In the event that the board of directors determines, following
review with the chief executive officer pursuant to subdivision two of
this section that the corrective action necessary to cause compliance
with the conditions of section three thousand fifty-eight of this title
will not be taken, or determines as a result of a review made pursuant
to section three thousand fifty-nine of this title or otherwise that the
city is not in compliance with any of the conditions imposed pursuant to
section three thousand fifty-eight of this title or that any
representation or undertaking contained in any certificate delivered
pursuant to such section is materially incorrect or has not been
complied with in all material respects, the corporation shall promptly
certify a copy of such determination of noncompliance to the governor,
the legislature, the state comptroller, the chief executive officer, the
city council and the city comptroller and shall disclose such
determination to the public.

4. The remedies described in this section are not exclusive and, in
addition thereto, the corporation shall have and may exercise all other
rights and remedies provided by law.