§ 3961. Declaration of need for financing assistance to the county. 1.
The county shall determine and declare whether it requests the authority
to undertake a financing of costs for the county or any covered
organization. Any such request shall be made by and through the county
executive after approval by the legislature. Any such financing shall be
consistent with the adopted budget and financial plan of the county
required under sections thirty-nine hundred fifty-six and thirty-nine
hundred fifty-seven of this title, as applicable.

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

3. Upon approval by the authority, in its discretion in accordance
with the provisions of this title, of such financing request, the
authority may enter into agreements with the county, for itself or on
behalf of any covered organization, as applicable, and the county,
acting by the county executive, and approved by the legislature, 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 revenues to secure the authority's bonds, notes or
other obligations, and further assurances in respect of the authority's
receipt of such revenues and the fiscal affairs of the county, including
but not limited to the manner of preparation of budget reports and
financial plans as provided for in sections thirty-nine hundred
fifty-six and thirty-nine hundred fifty-seven of this title, as
applicable. The authority's revenues shall not be deemed funds of the
county. Any such agreements with the county may be pledged by the
authority to secure its bonds, notes or other obligations and may not be
modified thereafter except as provided by the terms of the pledge or
subsequent agreements with the holders of such obligations.

4. Such agreements with the county shall: (a) describe the particular
financeable costs to be financed in whole or in part by the authority;
(b) describe the plan for the financing of the costs; (c) 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 county, for
itself or on behalf of any covered organization, as applicable; (d)
where appropriate, provide for the payment of such costs by the county
under such contracts as shall be awarded by the county or for the county
to make a capital contribution of such proceeds as county funds to
another entity for the payment or reimbursement of such costs; and (e)
require every contract entered into by the county, or another entity
receiving funds from the county, for costs to be financed in whole or in
part by the authority to be subject to the provisions of the county
charter and other applicable laws governing contracts of the county or
such entity, as the case may be.

5. At least annually, commencing no more than one year after the date
on which authority bonds, notes or other obligations are first issued,
the county executive shall report to the authority, the comptroller, the
legislature, the state comptroller, the chairs of the state senate
finance committee and the state assembly ways and means committee, and
the director of the budget on the costs financed by the authority and
the amount of such financing over the past year, which report shall
describe, by reference to the specific items in the county's budget or
financial plan, its compliance therewith.