(a) It is hereby determined that the financing of the deficits hereinbefore described in section one of this act is an object or purpose of said city of Troy which is a public purpose which the city of Troy is hereby authorized to accomplish and for which indebtedness may be incurred, the period of probable usefulness of which is hereby determined to be twenty-five years, computed from the date of such bonds or from the date of the first bond anticipation notes issued in anticipation of the sale of such bonds, whichever date is earlier(b) It is hereby determined that the acquisition of all or a portion of real or personal property leased by the city of Troy pursuant to one or more lease agreements between the city of Troy and the Troy local development corporation, including the payment of any judgments or compromised or settled claims against the city relating thereto, described in subdivision (c) of section one of this act, the closure of the city's landfill and funding of capital projects are objects or purposes of said city of Troy which are public purposes which the city of Troy is hereby authorized to accomplish and for which indebtedness may be incurred, the period of probable usefulness of which is hereby determined to be thirty years, computed from the date of such bonds or from the date of the first bond anticipation notes issued in anticipation of the sale of such bonds, whichever is earlier. Such bonds and/or bond anticipation notes shall be general obligations of the city of Troy, to which the faith and credit of the city is pledged, and such city shall make an annual appropriation sufficient to pay the principal of and interest on such obligations as the same shall become due.(c) In lieu of issuing its general obligations, the city of Troy may enter into one or more agreements for any municipal assistance corporation created on behalf of said city pursuant to article 10 of the public authorities law to pay all or a portion of the cost of accomplishing any purpose described in subdivisions (a) and (b) of this section or in section 3057 of the public authorities law. Any such agreements shall provide that any payments from the city of Troy to said municipal assistance corporation not represented by general obligation bonds or notes shall be subject to annual appropriation by the city council of the city of Troy in an amount corresponding to the scheduled principal and interest payments on the corporation's bonds or notes issued to provide the amount paid by the corporation to the city of Troy pursuant to such agreement.(d)(i) If an authorization for the issuance of obligations to finance the purpose or purposes accomplished pursuant to an agreement would have been required by law to be subject to a permissive or mandatory referendum, then the authorization to enter into such agreement shall be subject to a permissive or mandatory referendum, as the case may be, in the same manner as provided for such referendum on the issuance of obligations.(ii) If the authorization for the issuance of obligations to finance the purpose or purposes accomplished pursuant to an agreement would have been required by law to be subject to: (A) a certain supermajority vote of the governing board,(B) a mandatory or permissive referendum, or(C) both, then the authorization to enter into such agreement shall be subject to such vote, referendum or such referendum and vote, as the case may be, in the same manner as provided for such vote and/or referendum on the issuance of obligations.(iii) If the authorization for the issuance of obligations would have been subject to a referendum only if the obligations had a maturity of more than five years or not less than some other minimum period, then the authorization to enter into the agreement shall be subject to referendum only if the term of the contract is equal to or more than such minimum period of maturity. Provided, however, that the provisions of this subdivision shall not apply to any agreements for repayment of amounts paid to the city in accordance with paragraph (d) of subdivision one of section three thousand fifty-seven of the public authorities law.
(e) Any resolution of the city council of the city of Troy authorizing the chief fiscal officer (as defined in the local finance law) of the city of Troy to execute and deliver such an agreement may delegate to such chief fiscal officer the power to prescribe the terms, form and contents of any such agreement and any amendments or replacements thereof.N.Y. City of Troy Issuance of Serial Bonds Law § 4