N.Y. Public Authorities Law 3952 – Erie county fiscal stability authority
§ 3952. Erie county fiscal stability authority. 1. There is hereby created the Erie county fiscal stability authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting a public benefit corporation.
Terms Used In N.Y. Public Authorities Law 3952
- Advisory period: means a period of time from the effective date of this title until the date when (a) the authority shall determine that for each fiscal year, through and including fiscal year two thousand twelve, that the county has adopted and adhered to budgets covering all expenditures the results of which do not show a major operating funds deficit when reported in accordance with generally accepted accounting principles, subject to the provisions of this title, and shall further determine that in the then current fiscal year there is a substantial likelihood that the results of the county's operations will not show a deficit in the major operating funds when so reported and (b) the comptroller shall certify that securities were sold by or for the benefit of the county during the fiscal year immediately preceding such date and the then current fiscal year in the general public market satisfied the financing requirements of the county during such period and that there is a substantial likelihood that such securities can be sold in the general public market from such date through the end of the next succeeding fiscal year in amounts which will satisfy substantially all of the capital and cash flow requirements of the county during such period in accordance with the financial plan then in effect. See N.Y. Public Authorities Law 3951
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Control period: means a period determined by the authority in accordance with section thirty-nine hundred fifty-nine of this title. See N.Y. Public Authorities Law 3951
- 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.
- County: means Erie county. See N.Y. Public Authorities Law 3951
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means the state of New York. See N.Y. Public Authorities Law 3951
2. The authority shall conduct meetings as often as deemed necessary to accomplish its purposes, but not less than quarterly during a control period or annually during an advisory period.
3. The authority shall continue until its control, advisory or other responsibilities, and its liabilities have been met or otherwise discharged, which in no event shall be later than December thirty-first, two thousand thirty-nine. Upon the termination of the authority, all of its property and assets shall pass to and be vested in the county.