2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 33 - (2799-AA - 2799-UU) NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY
2799-FF - Declaration of need.

 
    §  2799-ff.  Declaration  of  need. 1.   The mayor shall determine and
  declare at least annually whether a capital financing need exists.  When
  the mayor determines that a capital financing  need  exists,  the  mayor
  shall  so  certify  and  submit  to the authority a transitional capital
  plan.    Such  plan  shall  include  only  projects  whose   costs   are
  appropriated  in  the  capital  budget of the city and shall describe by
  reference to the capital budget of the city the particular projects  and
  costs requested to be financed in whole or in part by the authority.
    2.      Concurrent  with  the  submission  to  the  authority  of  the
  certification, request and plan, the mayor shall submit copies  of  such
  certification,  request  and plan to the comptroller, the speaker of the
  council, the governor and the state comptroller, and to  the  chair  and
  ranking  minority  member  of the senate finance committee and the chair
  and ranking minority member of the assembly ways  and  means  committee,
  and to the state financial control board for the city.
    3.  At  the  time of submission, (a) the mayor shall publish notice of
  such plan and the availability  of  digests  thereof  in  at  least  one
  newspaper  of  general  circulation  within the city, which notice shall
  also state that a public hearing will be held to consider the plan at  a
  specified  time and place on a date not less than thirty days after such
  publication; (b) the mayor or his designee shall conduct public hearings
  pursuant to such notice; (c) any person shall have  the  opportunity  to
  present  written  comments on the plan within thirty days after the date
  of the public hearing; and (d) after due consideration of such testimony
  and comments, if any, the mayor shall affirm,  modify  or  withdraw  the
  plan.
    4. Upon declaration by the mayor of such need, the mayor shall request
  that  the  authority provide financing in accordance with the provisions
  of this title.
    5. Upon approval by the authority that such a capital  financing  need
  exists pursuant to such submissions, the authority may:
    (a)  authorize  agreements  between  the  city  and  the  authority in
  accordance with the provisions of this title.  Such agreements shall not
  constitute indebtedness of the city for purposes of section 20.00 of the
  local finance law or any constitutional or statutory limitation.
    (b) enter into agreements with the city and the city,  acting  by  the
  mayor  alone, 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. The authority's revenues shall not be deemed funds of
  the city. 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.
    6.  Such agreements (i) shall describe by  reference  to  the  capital
  budget  of  the city the particular projects and costs to be financed in
  whole or in part by the authority, (ii) shall describe the plan for  the
  financing  of the costs or projects, (iii) shall 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  city,  which  disbursements
  shall  occur,  subject to receipt by the authority of such documentation
  as to the costs being  reimbursed  as  the  authority  shall  reasonably
  require,  at  least  monthly, (iv) shall provide for the payment of such
  costs by the city under such contracts as shall be awarded by  the  city
  or  for the city to make a capital contribution of such proceeds as city
  funds to another entity for the payment or reimbursement of such  costs,
  and  (v)  shall  require  every  contract  entered  into by the city, or
  another entity receiving funds from the city, for projects or  costs  to

  be  financed  in  whole or in part by the authority to be subject to the
  provisions of the New  York  city  charter  and  other  applicable  laws
  governing contracts of the city or such entity, as the case may be.
    7.  At least annually, commencing no more than one year after the date
  on which authority bonds are first issued, the mayor shall report to the
  comptroller, the  speaker  of  the  council,  the  governor,  the  state
  comptroller, the chair and ranking minority member of the senate finance
  committee and the chair and ranking minority member of the assembly ways
  and  means  committee  on the projects financed by the authority and the
  amount of such financing for each such project over the past year, which
  report shall, by reference to  specific  items  in  the  city's  capital
  budget, describe the type and location of each such project.