§ 3851. Definitions. For the purposes of this title, unless the
context otherwise requires: 1. "Advisory period" means that period no
earlier than July first, two thousand six, after which the authority has
determined that (a) for each of the three immediately preceding city
fiscal years, the city has adopted and adhered to budgets covering all
expenditures, other than capital items, the results of which did not
show a deficit, without the use of any authority assistance, as provided
for under section thirty-eight hundred fifty-seven of this title, when
reported in accordance with generally accepted accounting principles and
(b) the comptroller and the state comptroller jointly certify that
securities were sold by the city during the immediately preceding city
fiscal year in the general public market and that there is a substantial
likelihood that such securities can be sold by the city in the general
public market from such date through the end of the next succeeding city
fiscal year in amounts that will satisfy substantially all of the
capital and cash flow requirements of the city during that period in
accordance with the financial plan then in existence. The joint
certification made by the comptroller and the state comptroller shall be
based on their separate written determinations which may take into
account a report and opinion of an independent expert in the marketing
of securities selected by the authority as well as other information
available to the comptrollers. Once begun, an advisory period shall
continue through June thirtieth, two thousand thirty-seven unless a
control period is imposed.

2. "Authority" or "Buffalo fiscal stability authority" or "BFSA" means
the public benefit corporation created by this title.

3. "BFSA assistance" means: (a) the amount of debt service savings in
a given city fiscal year generated from the proceeds of bonds, notes or
other obligations made available to or for the benefit of the city or
any covered organization as determined by the authority; or (b) the
proceeds of any deficit financing authorized by the authority, or some
combination thereof pursuant to the provisions of section thirty-eight
hundred fifty-seven of this title. Such assistance shall be made
available only upon a declaration of need by the city pursuant to
section thirty-eight hundred sixty-one of this title and the approval of
the BFSA board.

4. "Bonds, notes or other obligations" means bonds, notes and other
evidences of indebtedness, issued or incurred by the authority.

5. "Chief fiscal officer" means the chief fiscal officer of the city
as defined in section 2.00 of the local finance law.

6. "City" means the city of Buffalo.

7. "City charter" means the city government law of the city of
Buffalo, as amended.

8. "City tax revenues" means the portion of the county's "net
collections", as defined in section twelve hundred sixty-two of the tax
law, payable to the city under the agreement among the county, the city
and the cities of Lackawanna and Tonawanda entered into pursuant to the
authority of subdivision (c) of section twelve hundred sixty-two of the
tax law. In the event that the city imposes sales and compensating use
taxes pursuant to the authority of section twelve hundred ten of the tax
law, "city tax revenues" shall also include net collections from such
city taxes.

9. "Comptroller" means the comptroller of the city.

10. "Control period" means that period of time from the effective date
of this title, continuing until the authority determines that conditions
have been met as provided in subdivision one of this section and the
city qualifies for the onset of an advisory period. A control period may
be reimposed as determined by the authority in accordance with section
thirty-eight hundred fifty-eight of this title.

11. "Council" means the city council of the city of Buffalo.

12. "County" means the county of Erie.

13. "Covered organization" means the city school district, the joint
schools construction board of the city, as described in chapter six
hundred five of the laws of two thousand, as amended, and the Buffalo
municipal housing authority and 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 other 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 on 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, or (b) any state public
authority defined in section two hundred one of the civil service law,
unless specifically named above; provided, however, that the authority
may terminate any exemption granted by order of the authority pursuant
to this subdivision upon a determination that the circumstances upon
which such exemption was granted are no longer applicable.

14. "Director of the budget" means the director of the budget of the
state.

15. "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 or any covered
organization, (c) any object or purpose of the city or any covered
organization, for which a period of probable usefulness is prescribed in
section 11.00 of the local finance law, including the costs of any
preliminary studies, surveys, maps, plans, estimates and hearings, (d)
amounts necessary to finance a portion of the operating costs of the
city or any covered organization as provided in section thirty-eight
hundred fifty-seven of this title, to the extent approved by the
authority, or (e) 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 nine of
section thirty-eight hundred fifty-four of this title or any
underwriting or other costs incurred in connection with the financing
thereof; provided however that, to the maximum extent practicable, all
financeable costs shall not adversely affect the requirements of
subdivision two of section thirty-eight hundred sixty-nine of this
title.

16. "Financial plan" means the financial plan of the city and the
covered organizations to be developed pursuant to section thirty-eight
hundred fifty-seven of this title, as from time to time amended.

17. "Major operating funds" means the city general fund, the board of
education general fund, the city enterprise funds, the board of
education special project funds, together with any other funds of the
city or a covered organization from time to time designated by the
authority.

18. "Mayor" means the mayor of the city.

19. "Presiding officer" means the presiding officer of the council
elected pursuant to the rules of the council.

20. "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
shall not include the amount of BFSA assistance expected to be available
for such fiscal year.

21. "Revenues" means revenues of the authority consisting of city tax
revenues, school district tax revenues, state aid revenues, and all
other aid, rents, fees, charges, gifts, 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.

22. "State" means the state of New York.

23. "State aid" means: all general purpose local government aid;
emergency financial assistance to certain cities; emergency financial
assistance to eligible municipalities; supplemental municipal aid; and
any successor type of aid and any new aid appropriated by the state as
local government assistance for the benefit of the city.

24. "State aid revenues" means state aid paid by the state comptroller
to the authority pursuant to this title.

25. "State comptroller" means the comptroller of the state.

26. "School district tax revenues" means the portion of the county's
"net collections," as defined in section twelve hundred sixty-two of the
tax law, payable to the city's dependent school district by the county
pursuant to the authority of subdivision (a) of section twelve hundred
sixty-two of the tax law.

27. "Cash flow borrowings" means:

(a) notes issued by the authority on behalf of the city, the city's
dependent school district or any other covered organization, the
proceeds of which are used to address temporary cash flow needs of the
city, the city's dependent school district or the applicable covered
organization; and

(b) bonds, notes and other obligations issued by the authority to
refund notes of the authority described in paragraph (a) of this
subdivision.

28. "Obligations of the city" means bonds, notes and other evidences
of indebtedness issued or incurred by the city.