§ 4. (a) It is hereby determined that the financing of the deficits
hereinbefore described in section one of this act is an object or
purpose of said city of Troy which is a public purpose which the city of
Troy is hereby authorized to accomplish and for which indebtedness may
be incurred, the period of probable usefulness of which is hereby
determined to be twenty-five years, computed from the date of such bonds
or from the date of the first bond anticipation notes issued in
anticipation of the sale of such bonds, whichever date is earlier.

(b) It is hereby determined that the acquisition of all or a portion
of real or personal property leased by the city of Troy pursuant to one
or more lease agreements between the city of Troy and the Troy local
development corporation, including the payment of any judgments or
compromised or settled claims against the city relating thereto,
described in subdivision (c) of section one of this act, the closure of
the city's landfill and funding of capital projects are objects or
purposes of said city of Troy which are public purposes which the city
of Troy is hereby authorized to accomplish and for which indebtedness
may be incurred, the period of probable usefulness of which is hereby
determined to be thirty years, computed from the date of such bonds or
from the date of the first bond anticipation notes issued in
anticipation of the sale of such bonds, whichever is earlier. Such
bonds and/or bond anticipation notes shall be general obligations of the
city of Troy, to which the faith and credit of the city is pledged, and
such city shall make an annual appropriation sufficient to pay the
principal of and interest on such obligations as the same shall become
due.

(c) In lieu of issuing its general obligations, the city of Troy may
enter into one or more agreements for any municipal assistance
corporation created on behalf of said city pursuant to article 10 of the
public authorities law to pay all or a portion of the cost of
accomplishing any purpose described in subdivisions (a) and (b) of this
section or in section 3057 of the public authorities law. Any such
agreements shall provide that any payments from the city of Troy to said
municipal assistance corporation not represented by general obligation
bonds or notes shall be subject to annual appropriation by the city
council of the city of Troy in an amount corresponding to the scheduled
principal and interest payments on the corporation's bonds or notes
issued to provide the amount paid by the corporation to the city of Troy
pursuant to such agreement.

(d) (i) If an authorization for the issuance of obligations to finance
the purpose or purposes accomplished pursuant to an agreement would have
been required by law to be subject to a permissive or mandatory
referendum, then the authorization to enter into such agreement shall be
subject to a permissive or mandatory referendum, as the case may be, in
the same manner as provided for such referendum on the issuance of
obligations.

(ii) If the authorization for the issuance of obligations to finance
the purpose or purposes accomplished pursuant to an agreement would have
been required by law to be subject to:

(A) a certain supermajority vote of the governing board,

(B) a mandatory or permissive referendum, or

(C) both,
then the authorization to enter into such agreement shall be subject to
such vote, referendum or such referendum and vote, as the case may be,
in the same manner as provided for such vote and/or referendum on the
issuance of obligations.

(iii) If the authorization for the issuance of obligations would have
been subject to a referendum only if the obligations had a maturity of
more than five years or not less than some other minimum period, then
the authorization to enter into the agreement shall be subject to
referendum only if the term of the contract is equal to or more than
such minimum period of maturity.

Provided, however, that the provisions of this subdivision shall not
apply to any agreements for repayment of amounts paid to the city in
accordance with paragraph (d) of subdivision one of section three
thousand fifty-seven of the public authorities law.

(e) Any resolution of the city council of the city of Troy authorizing
the chief fiscal officer (as defined in the local finance law) of the
city of Troy to execute and deliver such an agreement may delegate to
such chief fiscal officer the power to prescribe the terms, form and
contents of any such agreement and any amendments or replacements
thereof.