§ 2. (a) Notwithstanding anything in this act to the contrary, the
city of Troy, Rensselaer county, shall not authorize the issuance of any
bonds or bond anticipation notes for the purpose of liquidating the
cumulative deficit in its general fund at the close of the fiscal year
ended December 31, 1993 until the amount of such deficit is determined
by the state comptroller. The city shall prepare a report detailing the
amount and cause of such deficit within thirty days from the effective
date of this act and shall submit such report to the state comptroller.
Within thirty days after receiving such report, the state comptroller
shall perform such reviews as may be necessary to determine the amount
of such deficit. Bonds or bond anticipation notes to liquidate such
deficit shall not be issued in an amount exceeding the amount of such
deficit as determined by the state comptroller.

(b) Notwithstanding anything in this act to the contrary the city of
Troy, Rensselaer county, shall not authorize the issuance of any bonds
for the purpose of liquidating the projected deficit to be incurred in
its general fund during the fiscal year ending December 31, 1994 until
the existence of such deficit is identified and the amount of such
deficit is determined by the state comptroller. The city shall prepare a
report detailing the amount and cause of such deficit within thirty days
after the end of its fiscal year ending December 31, 1994, and shall
submit such report to the state comptroller. Within thirty days after
receiving such report, the state comptroller shall perform such reviews
as may be necessary to determine the existence and amount of such
deficit. Bonds to liquidate such deficit shall not be issued in an
amount exceeding the amount of such deficit as determined by the state
comptroller. Nothing herein provided shall prevent such city from
authorizing the issuance of bond anticipation notes in an amount not to
exceed fourteen million three hundred seventy-five thousand dollars for
the purpose of liquidating such deficit prior to a determination by the
state comptroller of the amount of such deficit. In the event that bond
anticipation notes are issued in an amount in excess of the amount of
such deficit as determined by the state comptroller, such city shall
redeem, from funds other than the proceeds of bonds or bond anticipation
notes, such bond anticipation notes in the amount by which the amount of
such bond anticipation notes exceeds the amount of such deficit as
determined by the state comptroller.