§ 3669. Control period. 1. The authority shall impose a control\nperiod over the county or the Nassau health care corporation upon its\ndetermination at any time that any of the following events has occurred\nor that there is a substantial likelihood and imminence of such\noccurrence: (a) the county or the Nassau health care corporation shall\nhave failed to pay the principal of or interest on any of its bonds or\nnotes when due or payable, (b) the county or the Nassau health care\ncorporation shall have incurred a major operating funds deficit of one\npercent or more in the aggregate results of operations of such funds\nduring its fiscal year assuming all revenues and expenditures are\nreported in accordance with generally accepted accounting principles,\nsubject to the provisions of this title, (c) the county or the Nassau\nhealth care corporation shall have otherwise violated any provision of\nthis title and such violation substantially impairs the marketability of\nthe county's bonds or notes or the Nassau health care corporation's\nbonds or notes, (d) the chief fiscal officer's certification at any\ntime, at the request of the authority or on the chief fiscal officer's\ninitiative, which certification shall be made from time to time as\npromptly as circumstances warrant and reported to the authority, that on\nthe basis of facts existing at such time such officer could not make the\ncertification described by paragraph (b) of this subdivision in the\ndefinition of interim finance period in section thirty-six hundred\nfifty-one of this title, or (e) the authority makes the finding required\nunder paragraph (g) of subdivision two of section thirty-six hundred\nsixty-seven of this title. The authority shall terminate any such\ncontrol period when it determines that none of the conditions which\nwould permit the authority to impose a control period exist. After\ntermination of a control period the authority shall annually consider\nparagraphs (a) through (e) of this subdivision and determine whether, in\nits judgment, any of the events described in such paragraphs have\noccurred and the authority shall publish each such determination. Any\ncertification made by the chief fiscal officer hereunder shall be based\non such officers' written determination which shall take into account a\nreport and opinion of an independent expert in the marketing of\nmunicipal securities selected by the authority, and the opinion of such\nexpert and any other information taken into account shall be made public\nwhen delivered to the authority. Notwithstanding any part of the\nforegoing to the contrary, in no event shall any control period continue\nbeyond the later of (i) January first, two thousand thirty, or (ii) the\ndate when all bonds of the authority are refunded, discharged or\notherwise defeased.\n 2. In carrying out the purposes of this title during any control\nperiod:\n (a) The authority shall (i) consult with the county or the covered\norganizations in the preparation of the financial plan, and certify to\nthe county the revenue estimates approved therein, (ii) prescribe the\nform of the financial plan and the supporting information required in\nconnection therewith, (iii) exercise the rights of approval, disapproval\nand modification with respect to the financial plan, including but not\nlimited to the revenue estimates contained therein, and (iv) in the\nevent the authority has made the finding required under section\nthirty-six hundred sixty-seven of this title, formulate and adopt its\nmodifications to the financial plan, such modifications to become\neffective on their adoption by the authority.\n (a-1) If a control period is imposed over the Nassau health care\ncorporation, the authority shall require the Nassau health care\ncorporation to report financial information to the authority in such\nform and manner and containing such information as the authority shall\nprescribe, including, but not limited to, expenditure and cash
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