§ 3667. County financial plans. 1. The county executive shall prepare\nand submit to the authority a four-year financial plan, initially for\nthe fiscal years ending December thirty-first, two thousand one through\ntwo thousand four, together with the proposed budget for the fiscal year\nending on December thirty-first, two thousand one, not later than the\ndate required for submission of such budget to the legislature pursuant\nto the county charter. Such financial plan shall, in addition to the\nrequirements for financial plans set forth in subdivisions two and three\nof this section, contain actions sufficient to ensure with respect to\nthe major operating funds for each fiscal year of the plan that annual\naggregate operating expenses for such fiscal year shall not exceed\nannual aggregate operating revenues for such fiscal year. For purposes\nof determining operating revenues in the fiscal years ending December\nthirty-first, two thousand one through two thousand seven, such plan may\nassume (a) borrowings by the county or the authority to finance tax\ncertiorari judgments or settlements in annual amounts not exceeding one\nhundred million dollars, or, in the aggregate for all such years, four\nhundred million dollars; however, of said four hundred million dollars,\nno more than fifteen million dollars may be counted as operating revenue\nin the fiscal year two thousand six and no more than ten million dollars\nmay be counted as operating revenue in fiscal year two thousand seven,\nand (b) receipt by the county of NCIFA assistance and transitional state\naid in the following collective amounts for each respective fiscal year:\n Amount Fiscal Year\n 2001 amount 2001\n 2002 amount 2002\n 2003 amount 2003\n 2004 amount 2004.\nThe one hundred million dollars annual limit on assumed tax certiorari\nborrowings may be waived by the authority respecting any fiscal year,\nupon its determination that the results of any increased and accelerated\nsettlement or litigation efforts by the county justify such waiver.\n As used in this subdivision:\n "2001 amount" means that amount expected to be provided by the\nauthority to ensure balanced major operating fund operations upon its\ndetermination that the county has taken recurring actions to close\nbetween thirty-five per centum (35%) and forty per centum (40%) of the\nprojected gap.\n "2002 amount" means that amount expected to be provided by the\nauthority to ensure balanced major operating fund operations upon its\ndetermination that the county has taken recurring actions to close\nbetween forty-five per centum (45%) and fifty per centum (50%) of the\nprojected gap.\n "2003 amount" means that amount expected to be provided by the\nauthority to ensure balanced major operating fund operations upon its\ndetermination that the county has taken recurring actions to close\nbetween sixty per centum (60%) and sixty-five per centum (65%) of the\nprojected gap.\n "2004 amount" means that amount expected to be provided by the\nauthority to ensure balanced major operating fund operations upon its\ndetermination that the county has taken recurring actions to close\nbetween eighty per centum (80%) and eighty-five per centum (85%) of the\nprojected gap.\n 2. Pursuant to the procedures contained in this subdivision, each year\nduring the interim finance period or during a control period the county\nshall develop, and may from time to time modify, taking into account\nrecommendations of the authority, a four year financial plan covering\nthe county and the covered organizations. Each such financial plan and\nfinancial plan modification shall conform to the requirements of\nparagraph (a) of this subdivision and shall provide that the major\noperating funds of the county will be balanced in accordance with\ngenerally accepted ac
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