Section 1-a - DefinitionsAs used in this act, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent.
(a) "Available funds" means at any date the amounts in the supervisory board fund which are then available, as determined by the supervisory board, to be applied to the purposes stated in subparagraph (ii) of paragraph (d) of section eight of this act after provision has been made for the application of amounts in the supervisory board fund for the purposes stated in subparagraph (i) of paragraph (d) of section eight of this act.(b) "Chief executive officer" means the chief executive officer of the city of Troy as defined in paragraph 5-a of section 2.00 of the local finance law.(c) "Covered organization" means any governmental agency, public authority or public benefit corporation which receives or may receive moneys directly, indirectly or contingently, (other than moneys received for the sale of goods or the rendering of services or the loan of moneys to the city of Troy) from the city of Troy but excluding the municipal assistance corporation for the city of Troy created pursuant to title 4 of article 10 of the public authorities law.(d) "Emergency period" means the period of time from the effective date of this act until the date when (a) the board shall determine, based on annual audit reports furnished in accordance with this act, that for each of the three immediately preceding fiscal years, the city has adopted and adhered to budgets covering all expenditures the results of which did not show a deficit when reported in accordance with generally accepted accounting principles subject to the provisions of this act and (b) the comptroller of the state and the chief fiscal officer jointly shall certify that securities sold by or for the benefit of the city during the fiscal year immediately preceding such date and the then current fiscal year in the general public market satisfied the financing requirements of the city during such period and that there is a substantial likelihood that such securities can be sold in the general public market from such date through the end of the next succeeding fiscal year in amounts which will satisfy substantially all of the capital and seasonal financing requirements of the city during such period in accordance with the financial plan then in effect. The board shall reimpose an emergency period upon a determination at any time that any of the following events has occurred or that there is a substantial likelihood and imminence of such occurrence: (i) the city shall have failed to pay the principal of or interest on any of its bonds or notes when due or payable (other than notes held by the municipal assistance corporation for the city of Troy to the extent that such corporation has evidenced its intention not to present such notes for payment during the fiscal year in which the determination is made), (ii) the city shall have incurred a budget deficit of one percent or more during its fiscal year in the results of operations covered by a budget covering all expenditures as reported in accordance with generally accepted accounting principles, subject to the provisions of this act, (iii) the city shall have otherwise violated any provision of this act and such violation substantially impairs the ability of the city to pay principal of or interest on its bonds or notes when due and payable or its ability to adopt or adhere to a budget covering all expenditures balanced in accordance with this act or (iv) the comptroller's and the chief fiscal officer's joint certification at any time, at the request of the board or on the comptroller's and the chief fiscal officer's joint initiative, which joint certification shall be made from time to time as promptly as circumstances warrant and reported to the board, that on the basis of facts existing at such time they could not make the joint certification described by clause (b) of the preceding sentence. The board shall terminate any such reimposed emergency period when it determines that none of the conditions which would permit the board to reimpose an emergency period exist. After termination of an emergency period the board shall annually consider items (i) through (iv) above and determine whether, in its judgment, any of the events described in such items have occurred and the board shall publish each such determination. Each such joint certification made by the comptroller and chief fiscal officer hereunder shall be based on their separate written determinations which shall take into account a report and opinion of an independent expert in the marketing of municipal securities selected by the board as well as any other information which may be available to each comptroller and each such separate written determination by the comptrollers shall have annexed thereto the report and opinion of such expert and any other information taken into account and shall be made public when delivered to the board. Notwithstanding any part of the foregoing to the contrary, in no event shall any emergency period continue beyond (a) January 1, 2030 or (b) the date when all bonds and notes are refunded, discharged or otherwise defeased.(e) "Financial plan" means the financial plan of the city of Troy and the covered organizations to be developed during any emergency period pursuant to section six of this act, as from time to time amended.(f) "Revenues" means all taxes, federal and state aid, rents, fees, charges, payments, all proceeds from borrowings and other income and receipts paid or payable to or for the account of the city of Troy or any of the covered organizations.(g) "Supervisory board fund" means the supervisory board fund for the city of Troy established pursuant to subdivision (a) of section eight of this act, as from time to time amended.(h) "Fund" means the general debt service fund established pursuant to section eight-a of this act.(i) "State financing agency" means the municipal assistance corporation for the city of Troy or its successor.N.Y. City of Troy Issuance of Serial Bonds Law § 1-a