New York · statute · N.Y. NYS Financial Emergency Act for the city of NY 868/75 Law · 21 active provisions
NEW YORK STATE FINANCIAL EMERGENCY ACT FOR THE CITY OF NEW YORK * Section 1. Short title. 2. Definitions. 2-a. Legislative declaration of financial emergency. 3. General rights and prohibitions. 4. Power of city or covered organization to determine the expenditure of available funds. 5. New York state financial control…
* Section 1. Short title. This act shall be known and may be cited as the "New York State Financial Emergency Act for The City of New York". * Terminates July 1, 2035 or ... see § 13
* § 2. Definitions. As 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. 1. "Comptroller" means the comptroller of the state of New York. 2. "City" means the city of New York. 3. "Mayor" means the mayor of the city…
* § 2-a. Legislative declaration of financial emergency. The legislature hereby finds and declares that a state of financial emergency continues to exist within the city. The legislature further finds and declares that the maintenance by the city of a balanced budget in accordance with generally accepted accounting pri…
* § 3. General rights and prohibitions. 1. Neither the city nor any covered organization shall borrow or expend any monies, or in any way, directly or indirectly, expressly or implicitly, engage its credit during any control period except in compliance with the provisions of this act. 2. Nothing contained in this act s…
* § 4. Power of city or covered organization to determine the expenditure of available funds. Nothing contained in this act shall be construed to limit the power of the city or a covered organization to determine, from time to time, within available funds for the city or for such covered organization, the purposes for…
* § 5. New York state financial control board; created. There is hereby created the New York state financial control board. The board shall be a governmental agency and instrumentality of the state and it shall have such powers and functions as are set forth in this act. * Terminates July 1, 2035 or ... see § 13
* § 6. Administration of the board. 1. The membership of the board shall be the governor, the state comptroller (pursuant to his authority to supervise the accounts of any political subdivision of the state), the mayor, the city comptroller and three members appointed by the governor with the advice and consent of the…
* § 7. Functions of the board. 1. In carrying out the purposes of this act, the board shall perform the following functions: a. In accordance with the provisions of section eight of this act, the board shall (i) consult with the city and the covered organizations in the preparation of the financial plan, and certify to…
* § 7-a. Reports of the city. 1. The city shall take such action as may be necessary to enable a nationally recognized independent certified public accounting firm or consortium of firms, one of which at least is a nationally recognized independent certified public accounting firm, to perform an annual audit in accorda…
* § 8. Development of the financial plan. 1. Pursuant to the procedures contained in subdivision three of this section, each year the city shall develop, and may from time to time modify, with the approval of the board during a control period, a four year financial plan covering the city and the covered organizations.…
* § 9. Establishment and application of the board fund. 1. There is hereby established a fund designated the board fund. Commencing on October twentieth, nineteen hundred seventy-five, and for the duration of a control period, all revenues received or to be received by the city or any covered organization shall, unless…
* § 9-a. Establishment and application of a general debt service fund. 1. Commencing on the first day of the first full fiscal quarter subsequent to the first sale of a federally guaranteed city obligation, the city shall establish a general debt service fund for the purpose of paying debt service due or becoming due i…
* § 9-b. Limitations on short-term borrowing. 1. The limitations on short-term borrowing imposed upon the city by this section shall be in addition to the limitations on short-term borrowing imposed on the city under the local finance law. In the event any provisions of the local finance law shall be inconsistent with…
* § 10. Wage freeze. 1. Increases in salary or wages of employees of the city and employees of covered organizations which have taken effect since June thirtieth, nineteen hundred seventy-five or which will take effect after that date pursuant to collective bargaining agreements or other analogous contracts, now in exi…
* § 10-a. Covenants, authorizations to agree and remedies. 1. In the event that after the date on which the provisions of this act become operative, any notes or bonds are issued by the city prior to July 1, 2027, or any bonds are issued by a state financing agency, the state of New York hereby authorizes the city and…
* § 11. Prohibitions; penalties. 1. During a control period, (i) no officer or employee of the city or of any of the covered organizations shall make or authorize an obligation or other liability in excess of the amount available therefor under the financial plan as then in effect; (ii) no officer or employee of the ci…
* § 12. Indemnification. a. The state shall save harmless and indemnify members, officers and employees of and representatives to the board, all of whom shall be deemed officers and employees of the state for purposes of section seventeen of the public officers law, against any claim, demand, suit, or judgment arising…
§ 13. Termination. This act shall terminate on the later of (a) July first, two thousand eight or (b) the date (i) when all bonds and notes containing the pledge and agreement authorized by subdivision one of section ten-a of this act are refunded, redeemed, discharged or otherwise defeased, or (ii) when there shall no…
* § 14. Separability. If any clause, sentence, paragraph, subdivision, or other part of this act shall for any reason be adjudged by any court of competent jurisdiction to be unconstitutional or otherwise invalid, such judgment shall not affect, impair, or invalidate the remainder of this act, but shall be confined in…
* § 15. Court preference. If any section, part or provision of this act shall be declared unconstitutional or invalid or ineffective by any court of this state, any appeal of such judgment or order shall have preference over all other causes in any court of this state. Service upon the adverse party of a notice of appe…