§ 3856. City fiscal year two thousand three--two thousand four budget
modification and four-year financial plan. 1. Not later than September
first, two thousand three, the city shall submit to the authority a
financial plan which may reflect a declaration of need as provided for
in section thirty-eight hundred sixty-one. The plan shall cover the
city's two thousand three--two thousand four fiscal year and the three
subsequent fiscal years.

2. Not later than fifteen days after such submission, the authority
shall approve or disapprove the financial plan.

3. In the event the authority shall disapprove such financial plan
based on disapproval of certain actions or assumptions, the authority
shall promptly thereafter notify the city of its reasons. Within fifteen
days from the receipt of such notification the city shall modify the
financial plan, and unless such financial plan modification is approved
by the authority, the authority shall impose a financial plan of its own
formulation as soon as practicable, as provided for in section
thirty-eight hundred fifty-eight of this title.