§ 1-a. Definitions. As used in this act, the following words and terms
shall have the following meanings unless the context shall indicate
another or different meaning or intent.

(a) "Available funds" means at any date the amounts in the supervisory
board fund which are then available, as determined by the supervisory
board, to be applied to the purposes stated in subparagraph (ii) of
paragraph (d) of section eight of this act after provision has been made
for the application of amounts in the supervisory board fund for the
purposes stated in subparagraph (i) of paragraph (d) of section eight of
this act.

(b) "Chief executive officer" means the chief executive officer of the
city of Troy as defined in paragraph 5-a of section 2.00 of the local
finance law.

(c) "Covered organization" means any governmental agency, public
authority or public benefit corporation which receives or may receive
moneys directly, indirectly or contingently, (other than moneys received
for the sale of goods or the rendering of services or the loan of moneys
to the city of Troy) from the city of Troy but excluding the municipal
assistance corporation for the city of Troy created pursuant to title 4
of article 10 of the public authorities law.

(d) "Emergency period" means the period of time from the effective
date of this act until the date when (a) the board shall determine,
based on annual audit reports furnished in accordance with this act,
that for each of the three immediately preceding fiscal years, the city
has adopted and adhered to budgets covering all expenditures the results
of which did not show a deficit when reported in accordance with
generally accepted accounting principles subject to the provisions of
this act and (b) the comptroller of the state and the chief fiscal
officer jointly shall certify that securities sold by or for the benefit
of the city during the fiscal year immediately preceding such date and
the then current fiscal year in the general public market satisfied the
financing requirements of the city during such period and that there is
a substantial likelihood that such securities can be sold in the general
public market from such date through the end of the next succeeding
fiscal year in amounts which will satisfy substantially all of the
capital and seasonal financing requirements of the city during such
period in accordance with the financial plan then in effect. The board
shall reimpose an emergency period upon a determination at any time that
any of the following events has occurred or that there is a substantial
likelihood and imminence of such occurrence: (i) the city shall have
failed to pay the principal of or interest on any of its bonds or notes
when due or payable (other than notes held by the municipal assistance
corporation for the city of Troy to the extent that such corporation has
evidenced its intention not to present such notes for payment during the
fiscal year in which the determination is made), (ii) the city shall
have incurred a budget deficit of one percent or more during its fiscal
year in the results of operations covered by a budget covering all
expenditures as reported in accordance with generally accepted
accounting principles, subject to the provisions of this act, (iii) the
city shall have otherwise violated any provision of this act and such
violation substantially impairs the ability of the city to pay principal
of or interest on its bonds or notes when due and payable or its ability
to adopt or adhere to a budget covering all expenditures balanced in
accordance with this act or (iv) the comptroller's and the chief fiscal
officer's joint certification at any time, at the request of the board
or on the comptroller's and the chief fiscal officer's joint initiative,
which joint certification shall be made from time to time as promptly as
circumstances warrant and reported to the board, that on the basis of
facts existing at such time they could not make the joint certification
described by clause (b) of the preceding sentence. The board shall
terminate any such reimposed emergency period when it determines that
none of the conditions which would permit the board to reimpose an
emergency period exist. After termination of an emergency period the
board shall annually consider items (i) through (iv) above and determine
whether, in its judgment, any of the events described in such items have
occurred and the board shall publish each such determination. Each such
joint certification made by the comptroller and chief fiscal officer
hereunder shall be based on their separate written determinations which
shall take into account a report and opinion of an independent expert in
the marketing of municipal securities selected by the board as well as
any other information which may be available to each comptroller and
each such separate written determination by the comptrollers shall have
annexed thereto the report and opinion of such expert and any other
information taken into account and shall be made public when delivered
to the board. Notwithstanding any part of the foregoing to the contrary,
in no event shall any emergency period continue beyond (a) January 1,
2030 or (b) the date when all bonds and notes are refunded, discharged
or otherwise defeased.

(e) "Financial plan" means the financial plan of the city of Troy and
the covered organizations to be developed during any emergency period
pursuant to section six of this act, as from time to time amended.

(f) "Revenues" means all taxes, federal and state aid, rents, fees,
charges, payments, all proceeds from borrowings and other income and
receipts paid or payable to or for the account of the city of Troy or
any of the covered organizations.

(g) "Supervisory board fund" means the supervisory board fund for the
city of Troy established pursuant to subdivision (a) of section eight of
this act, as from time to time amended.

(h) "Fund" means the general debt service fund established pursuant to
section eight-a of this act.

(i) "State financing agency" means the municipal assistance
corporation for the city of Troy or its successor.