§ 3058. Conditions on extension of benefits to the city. The\ncorporation shall, at the time of any exchange of the corporation's\nbonds and notes for obligations of the city pursuant to subdivision two\nof section three thousand fifty-five of this title or any payment of\nfunds of the corporation to the city or of any purchase from the city of\nits obligations pursuant to section three thousand fifty-seven of this\ntitle, require the city to agree to observe and perform the conditions\nset forth below in this section, with such limitations as to the\nimplementation of such conditions as the corporation may, subject to any\ncontract with bondholders or noteholders, then approve; provided,\nhowever, that no such specific limitations shall be so substantial as to\neffectively constitute a waiver of any such conditions. Any such\nconditions may thereafter, in the discretion of the corporation, subject\nto any contract with bondholders or noteholders, be further limited.\nSuch conditions shall cease to apply when all notes and bonds have been\nrepaid or when the corporation has accumulated in its bond reserve funds\nor otherwise an amount equal to the principal of all outstanding notes\nand bonds and interest accrued thereon. The city shall have the right at\nany time to pay the corporation an amount which, when added to the bond\nreserve funds, shall equal the principal of all outstanding notes and\nbonds and interest accrued thereon and redemption premium if any. If the\ncity makes such payment at a time when the corporation has outstanding\nnotes or bonds that are not then callable, the city shall agree to pay\nthe corporation on demand an amount equal to the amount, if any, by\nwhich the amount of interest on such notes or bonds shall exceed the\ncorporation's income from the investment of its funds. Subject to the\nforegoing, the conditions that the corporation shall require the city to\nobserve and perform shall be as follows:\n 1. The city shall deliver a certificate, executed by the chief\nexecutive officer in form prescribed by the corporation, (a)\nrepresenting that the city is in compliance with the conditions\ndescribed below in this section as the corporation may specify, (b)\nundertaking to comply with any of such specified conditions as the\ncorporation may then require, and (c) stating that all local legislative\nand executive action then required to permit such compliance by the city\nhas been taken. The corporation may require the delivery with such\ncertificate of an opinion of the city's corporation counsel that all\nsuch legislative and executive action has been taken.\n 2. For the fiscal year ending December thirty-first, nineteen hundred\nninety-six, and for each fiscal year thereafter, the city's budgets\nshall be prepared in accordance with the provisions of chapter seven\nhundred twenty-one of the laws of nineteen hundred ninety-four, as\namended from time to time.\n 3. Each fiscal year the city shall take such action as may be\nnecessary to enable an independent certified public accounting firm\nselected and retained by the city at its cost to perform an annual audit\nand to furnish to the corporation an annual report upon the financial\nstatements of the city. Each such report shall be prepared in accordance\nwith the generally accepted accounting principles. The city shall make\navailable for inspection and copying all books, records, work papers and\nother data and material as required by the independent certified public\naccounting firm conducting such audit and the city shall make its\nofficers and employees available to and shall cooperate with such\nauditors so as to permit such annual audit to be completed and the\nreport issued to the city and to the corporation within one hundred\ntwenty days after the close of the fiscal year. Such report shall be\nmade available to the public promptly thereafter.\n 4. Beginning with the fiscal year ending December thirty-first,\nnineteen hundred ninety-si
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.