N.Y. Public Authorities Law 3655 – Declaration of need
§ 3655. Declaration of need. 1. The county shall determine and declare whether it requests the authority to undertake a financing of costs. Any such request shall be made by the county executive and approved by the legislature. Any such financing shall be consistent with the adopted budget and financial plan required under sections thirty-six hundred sixty-six and thirty-six hundred sixty-seven of this title, as applicable.
Terms Used In N.Y. Public Authorities Law 3655
- Bonds: means bonds, notes and other evidences of indebtedness, issued or incurred by the authority. See N.Y. Public Authorities Law 3651
- Comptroller: means the comptroller of the county. See N.Y. Public Authorities Law 3651
- Contract: A legal written agreement that becomes binding when signed.
- costs: means costs to finance (a) amounts necessary to accomplish a refunding, repayment or restructuring of a portion of the county's outstanding indebtedness or that of any covered organization, (b) cash flow needs of the county, (c) tax certiorari settlements and judgments of any kind to which the county is a party, (d) appropriated capital costs of the county, including the costs of any preliminary studies, surveys, maps, plans, estimates and hearings, (e) amounts necessary to finance any county deficit, to the extent authorized by state law, or (f) incidental costs, including, but not limited to, legal fees, printing or engraving, publication of notices, taking of title, apportionment of costs, and capitalized interest, insurance premiums, costs related to items authorized in subdivisions seven through ten of section thirty-six hundred fifty-four of this title or any underwriting or other costs incurred in connection with the financing thereof. See N.Y. Public Authorities Law 3651
- County: means the county of Nassau. See N.Y. Public Authorities Law 3651
- County charter: means the county government law of Nassau county, as amended. See N.Y. Public Authorities Law 3651
- County executive: means the county executive of the county. See N.Y. Public Authorities Law 3651
- Covered organization: means the Nassau health care corporation, and any other governmental agency, public authority or public benefit corporation which receives or may receive moneys directly, indirectly or contingently from the county, but excluding the authority and (i) any governmental agency, public authority or public benefit corporation specifically exempted from the provisions of this title by order of the authority upon application of such agency, public authority, or corporation to the authority or at the authority's own motion upon a finding by the authority that such exemption does not materially affect the ability of the county to adopt and maintain a budget pursuant to the provisions of this title, and provided that at the time of such exemption, there shall have been and during the period of such exemption there shall be an annual audit by a nationally recognized independent certified public accounting firm or consortium of firms, one of which shall be a nationally recognized firm, of the covered organization's financial statements performed in accordance with generally accepted auditing standards and report by such auditor thereon which includes an opinion that the financial statements so audited have been prepared in accordance with generally accepted accounting principles and such other information as such auditors deem appropriate, (ii) any state public authority as defined in § 201 of the civil service law, unless specifically named above, or (iii) any governmental agency, authority, commission or instrumentality created by compact or agreement between the state of New York and another state or states; provided, however, that the authority may terminate any exemption granted by order of the authority pursuant to this subdivision upon a determination that the circumstances upon which such exemption was granted are no longer applicable. See N.Y. Public Authorities Law 3651
- Director of the budget: means the director of the budget of the state. See N.Y. Public Authorities Law 3651
- Financial plan: means the financial plan of the county and the covered organizations to be developed pursuant to section thirty-six hundred sixty-seven of this title, as from time to time amended. See N.Y. Public Authorities Law 3651
- Legislature: means the legislature of the county. See N.Y. Public Authorities Law 3651
- Revenues: means the tax revenues and all aid, rents, fees, charges, payments and other income and receipts paid or payable to the authority or a trustee for the account of the authority to the extent such amounts are pledged to bondholders, but in no event shall revenues include any transitional state aid. See N.Y. Public Authorities Law 3651
- State: means the state of New York. See N.Y. Public Authorities Law 3651
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, and the county, acting by the county executive, 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 tax revenues to the authority to secure its bonds, 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-six hundred sixty-six and thirty-six hundred sixty-seven of this title, as applicable. The authority's revenues shall not be deemed funds of the county. Any such agreements may be pledged by the authority to secure its bonds and may not be modified thereafter except as provided by the terms of the pledge.
4. Such agreements 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, (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. Nothing contained in this title shall relieve or modify the application to the county or any entity acting on behalf of the county or any covered organization of the requirements of law relating (i) to contracts for procurement, design, construction, services and materials, or (ii) the provisions of § 220 of the labor law, or (iii) the provisions of Article 5-A of the general municipal law.
5. At least annually, commencing no more than one year after the date on which authority bonds are first issued, the county executive shall report to the authority, the comptroller, the legislature, the state comptroller, the chairs of the senate finance committee and the 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.