N.Y. Public Authorities Law 3057 – Payments to or purchases of obligations of the city
§ 3057. Payments to or purchases of obligations of the city. 1. In the event that the chief executive officer from time to time certifies to the corporation an amount required by the city to enable it (a) to pay for any item which is permitted by law to be included in the city's capital budget for the fiscal year for which such certification is made, including payments to reimburse the general fund for moneys advanced and expended for any such item, or (b) to pay operating expenses of the city other than those included in this paragraph, or (c) to liquidate all or a portion of the city's cumulative deficits for the years nineteen hundred ninety-three through nineteen hundred ninety-five, both inclusive, or to pay, at maturity, or on the redemption date, the principal of and interest on obligations of the city issued for such purposes, or (d) to acquire, or cause to be acquired, all or a portion of the real or personal property leased by the city pursuant to one or more lease agreements between the city and the Troy local development corporation including the financing of the payment of any judgments or compromised or settled claims against the city relating thereto, or (e) to pay at maturity, or on the redemption date, the principal of and interest on obligations of the city previously issued to finance any item in the current or any prior fiscal year, or (f) to pay for the costs of closure of the city's landfill, the corporation may (i) pay to the city, or (ii) purchase from the city obligations hereafter issued by the city in an amount equivalent to, part or all of such certified amount.
Terms Used In N.Y. Public Authorities Law 3057
- Chief executive officer: means the chief executive officer of the city as defined in subdivision five-a of § 2. See N.Y. Public Authorities Law 3052
- City: means the city of Troy. See N.Y. Public Authorities Law 3052
- City comptroller: means the comptroller of the city of Troy. See N.Y. Public Authorities Law 3052
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporate governmental agency created by section three thousand fifty-three of this title. See N.Y. Public Authorities Law 3052
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
- Personal property: All property that is not real property.
- State: means the state of New York. See N.Y. Public Authorities Law 3003
2. Moneys paid to the city pursuant to subparagraph (i) or (ii) of paragraph (e) of subdivision one of this section shall be held in trust for the payment of city obligations or shall be used to make the payment for which such moneys have been so certified. The corporation shall not make any payment to the city, or purchase any obligations from the city, pursuant to this section unless the city shall have agreed to observe the conditions set forth in section three thousand fifty-eight of this title, subject to such modifications as are permitted thereunder.
3. In consideration of the payments made to the city for the purposes described in paragraph (a), (b), (c), (d), (e) or (f) of subdivision one of this section, the corporation shall purchase from the city obligations issued by the city in accordance with applicable provisions of the state constitution and local finance law then in effect at the time such obligations are issued in an amount equivalent to such payment. Nothing herein shall require the corporation to receive obligations issued by the city under the local finance law as a condition to making a total of seventy-one million dollars of payments in the aggregate to the city pursuant to paragraph (a), (c), (d), (e), or (f) of subdivision one of this section.
4. Nothing contained in this title shall be deemed to create an object or purpose or to establish or extend a period for which a city bond may be issued pursuant to the local finance law, or to create authority for the city to issue a bond payable from a tax on real estate levied outside the limit imposed by the state constitution on the amount to be raised by tax on real estate for local purposes other then debt service, or to modify, amend, repeal, or rescind any other provision of the local finance law governing the issuance by the city of its bonds or the payment of principal and interest thereon.
5. At all times after receipt of obligations of the city acquired pursuant to this section, the corporation shall have the same rights and powers with respect to such obligations as the corporation shall have with respect to obligations of the city received pursuant to subdivision one of section three thousand fifty-five of this title; provided that the corporation shall not deliver any obligation received pursuant to this section for cancellation unless the city pays the principal amount and accrued interest thereon or pays accrued interest and exchanges such bond for another bond of the city in equal principal amounts in refunding thereof unless the chief executive officer shall have requested in writing that such obligations be delivered for cancellation, and provided further that the corporation may not sell or transfer to any person other than the city any obligation of the city acquired by it pursuant to this section unless the chief executive officer has requested in writing that the corporation sell or transfer such obligation and, if such obligation be sold or transferred at private sale, unless the terms of such sale have been approved by the city comptroller.