§ 859. Financial records. 1. (a) Each agency shall maintain books and\nrecords in such form as may be prescribed by the state comptroller.\n (b) Within ninety days following the close of its fiscal year, each\nagency or authority shall prepare a financial statement for that fiscal\nyear in such form as may be prescribed by the state comptroller. Such\nstatement shall be audited within such ninety day period by an\nindependent certified public accountant in accordance with government\naccounting standards established by the United States general accounting\noffice. The audited financial statement shall include supplemental\nschedules listing all straight-lease transactions and bonds and notes\nissued, outstanding or retired during the applicable accounting period\nwhether or not such bonds, notes or transactions are considered\nobligations of the agency. For each issue of bonds or notes such\nschedules shall provide the name of each project financed with proceeds\nof each issue, and whether the project occupant is a not-for-profit\ncorporation, the name and address of each owner of each project, the\nestimated amount of tax exemptions authorized for each project, the\npurpose for which each bond or note was issued, date of issue, interest\nrate at issuance and if variable the range of interest rates applicable,\nmaturity date, federal tax status of each issue, and an estimate of the\nnumber of jobs created and retained by each project. For each\nstraight-lease transaction, such schedules shall provide the name of\neach project, and whether the project occupant is a not-for-profit\ncorporation, the name and address of each owner of each project, the\nestimated amount of tax exemptions authorized for each project, the\npurpose for which each transaction was made, the method of financial\nassistance utilized by the project, other than the tax exemptions\nclaimed by the project and an estimate of the number of jobs created and\nretained by each project.\n (c) Within thirty days after completion, a copy of the audited\nfinancial statement shall be transmitted to the commissioner of the\ndepartment of economic development, the state comptroller and the\ngoverning body of the municipality for whose benefit the agency was\ncreated.\n (d) An agency with no bonds or notes issued or outstanding and no\nprojects during the applicable accounting period may apply to the state\ncomptroller for a waiver of the required audited financial statement.\nApplication shall be made on such form as the comptroller may prescribe.\n (e) If an agency or authority shall fail to file or substantially\ncomplete, as determined by the state comptroller, the financial\nstatement required by this section, the state comptroller shall provide\nnotice to the agency or authority. The notice shall state the following:\n (i) that the failure to file a financial statement as required is a\nviolation of this section, or in the case of an insufficient financial\nstatement, the manner in which the financial statement submitted is\ndeficient;\n (ii) that the agency or authority has thirty days to comply with this\nsection or provide an adequate written explanation to the comptroller of\nthe agency's or authority's reasons for the inability to comply; and\n (iii) that the agency's or authority's failure to provide either the\nrequired financial statement or an adequate explanation will result in\nthe notification of the chief executive officer of the municipality for\nwhose benefit the agency or authority was created of the agency's\nnoncompliance with this section. Where such agency or authority has\nfailed to file the required statement, the comptroller shall\nadditionally notify the agency or authority that continued failure to\nfile the required statement may result in loss of the agency's or\nauthority's authority to provide exemptions from state taxes.\n (iv) If an agency or authority after thirty days has failed to file\nthe required statement or the explanat
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