N.Y. Public Authorities Law 3958 – Advisory period
§ 3958. Advisory period. 1. During any advisory period the authority shall: (a) obtain from the county, the covered organizations and the state comptroller, all information, 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; and inspect, copy and audit such books and records of the county and the covered organizations as the authority deems necessary or desirable to accomplish the purposes of this title;
Terms Used In N.Y. Public Authorities Law 3958
- 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
- Comptroller: means the comptroller of the county. See N.Y. Public Authorities Law 3951
- costs: means costs to finance (a) amounts necessary to finance a portion of the operating costs of the county or any covered organization as provided in sections thirty-nine hundred fifty-six and section thirty-nine hundred fifty-seven of this title, to the extent approved by the authority, (b) amounts necessary to accomplish a refunding, repayment or restructuring of all or a portion of the county's outstanding indebtedness or that of any covered organization, (c) cash flow needs of the county or any covered organization, (d) any object or purpose of the county or any covered organization, for which a period of probable usefulness is prescribed in § 11. See N.Y. Public Authorities Law 3951
- County: means Erie county. See N.Y. Public Authorities Law 3951
- Covered organization: means any 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 (a) any other 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 on 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, or (b) any state public authority defined in § 201 of the civil service law, unless specifically named above; provided, however, no municipality or school district shall be treated as a covered organization solely because it shares sales and compensating use tax revenue with the county, provided further, 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 3951
- Financial plan: means the financial plan of the county and the covered organizations to be developed pursuant to section thirty-nine hundred fifty-seven of this title, as from time to time amended. See N.Y. Public Authorities Law 3951
- State: means the state of New York. See N.Y. Public Authorities Law 3951
(b) review the operation, management, efficiency and productivity of county operations and of any covered organization's operations as the authority may determine, and make reports and recommendations thereon; examine the potential to enhance the revenue of the county or any covered organization; audit compliance with the financial plan in such areas as the authority may determine; recommend to the county and the covered organizations such measures relating to their operations, management, efficiency and productivity as the authority deems appropriate to reduce costs, enhance revenue and improve services so as to advance the purposes of this title;
(c) consult with the county in the preparation of the budget of the county, comment on the provisions of the budget, the financial plan and the financial plan modifications of the county as the authority deems necessary or appropriate;
(d) review and comment on the terms of any proposed borrowing, including the prudence of each proposed issuance of bonds or notes to be issued by the county or any covered organization; and
(e) assess the impact of any collective bargaining agreement to be entered into by the county and such contracts, that, in the judgment of the authority, may have a significant impact on the county's long-term fiscal condition.
2. During any advisory period, the county shall promptly provide all information requested by the authority, review the comments, assessments, reports and recommendations of the authority and publicly respond thereto, addressing such matters as have been raised by the authority.