§ 3858. Control period. 1. A control period shall begin as of the\neffective date of this title and may be reimposed during an advisory\nperiod if the authority determines at any time that a fiscal crisis is\nimminent or that any of the following events has occurred or that there\nis a substantial likelihood and imminence of such occurrence: (a) the\ncity shall have failed to adopt a balanced budget, financial plan or\nbudget modification as required by sections thirty-eight hundred\nfifty-six and thirty-eight hundred fifty-seven of this title, (b) the\ncity shall have failed to pay the principal of or interest on any of its\nbonds or notes when due, (c) the city shall have incurred an operating\ndeficit of one percent or more in the aggregate results of operations of\nany major fund of the city or a covered organization during its fiscal\nyear assuming all revenues and expenditures are reported in accordance\nwith generally accepted accounting principles, subject to the provisions\nof this title, (d) the chief fiscal officer's certification at any time,\nat 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 in subdivision one of section thirty-eight\nhundred fifty-one of this title, or (e) the city shall have violated any\nprovision of this title. A control period shall terminate when the\nauthority has determined that the city qualifies for the onset of an\nadvisory period as provided under subdivision one of section\nthirty-eight hundred fifty-one of this title. After onset of an advisory\nperiod, the authority shall annually consider paragraphs (a) through (e)\nof this subdivision and determine whether, in its judgment, any of the\nevents described in such paragraphs have occurred and the authority\nshall publish each such determination. Any certification made by the\nchief fiscal officer hereunder shall be based on such officer's written\ndetermination which shall take into account a report and opinion of an\nindependent expert in the marketing of municipal securities selected by\nthe authority, and the opinion of such expert and any other information\ntaken into account shall be made public when delivered to the authority.\nNotwithstanding any part of the foregoing to the contrary, in no event\nshall any control period continue beyond June thirtieth, two thousand\nthirty-seven.\n 2. In carrying out the purposes of this title during any control\nperiod, the authority:\n (a) shall approve or disapprove the financial plan and the financial\nplan modifications of the city, as provided in sections thirty-eight\nhundred fifty-six and thirty-eight hundred fifty-seven of this title,\nand shall formulate and adopt its own modifications to the financial\nplan, as necessary; such modifications shall become effective upon their\nadoption by the authority;\n (b) may set a maximum level of spending for any proposed budget of any\ncovered organization;\n (c) may impose a wage and/or hiring freeze: (i) During a control\nperiod, upon a finding by the authority that a wage and/or hiring freeze\nis essential to the adoption or maintenance of a city budget or a\nfinancial plan that is in compliance with this title, the authority\nshall be empowered to order that all increases in salary or wages of\nemployees of the city and employees of covered organizations which will\ntake effect after the date of the order pursuant to collective\nbargaining agreements, other analogous contracts or interest arbitration\nawards, now in existence or hereafter entered into, requiring such\nsalary or wage increases as of any date thereafter are suspended. Such\norder may also provide that all increased payments for holiday and\nvacation differentials, shift differentials, salary adjustments\naccording to pla
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