N.Y. Public Authorities Law 3668 – Monitoring and review
§ 3668. Monitoring and review. Except as otherwise provided in section thirty-six hundred sixty-nine of this title, the authority shall:
Terms Used In N.Y. Public Authorities Law 3668
- 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
- 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.
- 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 executive: means the county executive of the county. 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
- Legislature: means the legislature of the county. See N.Y. Public Authorities Law 3651
- State: means the state of New York. See N.Y. Public Authorities Law 3651
- Transitional state aid: means any state aid appropriated to the authority for the benefit of the county for (a) unrestricted aid purposes and (b) the purpose of assisting the county in streamlining the tax certiorari claims process and eliminating the need to borrow for such costs. See N.Y. Public Authorities Law 3651
1. conduct meetings at least annually;
2. conduct audits of the Nassau county industrial development agency established pursuant to § 922 of the general municipal law, the Nassau county off-track betting corporation established pursuant to article five of the racing, pari-mutuel wagering and breeding law, and the Nassau university medical center established pursuant to section three thousand four hundred two of this chapter; provided, however, that such audits shall to be completed no later than December thirty-first, two thousand twenty-two, and shall continue on a biennial basis for subsequent years thereafter. The authority shall make its audit findings publicly available on its website and provide copies of its respective reports to the governor, temporary president of the senate, speaker of the assembly, and authorities budget office;
3. investigate, within the county and covered organizations, potential violations of the provisions of this chapter, fiscal mismanagement or systemic negligence; provided further that the authority shall provide an annual report to the governor, temporary president of the senate, speaker of the assembly, and authorities budget office detailing such investigations;
4. obtain from the county all information required pursuant to this section, and such other financial statements and projections, budgetary data and information, and management reports and materials as the authority deems necessary or desirable to accomplish the purposes of this title;
5. recommend to the county and the covered organizations such measures relating to their operation, management, efficiency and productivity as the authority deems appropriate to reduce costs and improve services so as to advance the purposes of this title;
6. consult with the county in the preparation of the budget of the county;
7. with respect to any county borrowing proposed to be issued after July first, two thousand, review the terms of and comment, within thirty days after notification by the county of a proposed borrowing, on the prudence of each proposed issuance of bonds or notes to be issued by the county and no such borrowing shall be made unless first reviewed and commented upon by the authority. The authority shall provide such comments within thirty days after notification by the county of a proposed borrowing to the county executive, the comptroller, the legislature, the director of the budget and the state comptroller;
8. determine whether to make transitional state aid available, and on what schedule, based upon the county's compliance with the requirements of sections thirty-six hundred sixty-six and thirty-six hundred sixty-seven of this title, as applicable, and the requirements, if any, of the appropriations bills authorizing such transitional state aid; and
9. perform such audits and reviews of the county and any agency thereof and any covered organizations as it deems necessary.