N.Y. Public Authorities Law 3040 – Remedies of the corporation
* § 3040. Remedies of the corporation. 1. The corporation shall cause each proposed expense budget, including related revenue estimates, submitted to it pursuant to subdivision four of section thirty hundred thirty-eight of this chapter, each report on expense items in the capital budget submitted to it pursuant to subdivision five of such section, each proposed modification furnished to it pursuant to subdivision six of such section and each expenditure plan and operations report submitted to it pursuant to subdivision seven of such section, to be reviewed promptly by the corporation's staff or designee.
Terms Used In N.Y. Public Authorities Law 3040
- Board of directors: means the board of directors of a municipal assistance corporation. See N.Y. Public Authorities Law 3003
- City: means the city of New York. See N.Y. Public Authorities Law 3032
- City comptroller: means the comptroller of the city of New York. See N.Y. Public Authorities Law 3032
- Comptroller: means the comptroller of the state of New York. See N.Y. Public Authorities Law 3003
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporate governmental agency created by section three thousand thirty-three of this chapter. See N.Y. Public Authorities Law 3032
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Governor: means the governor of the state of New York. See N.Y. Public Authorities Law 3003
- Legislature: means the legislature of the state of New York. See N.Y. Public Authorities Law 3003
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mayor: means the mayor of the city of New York. See N.Y. Public Authorities Law 3032
- State: means the state of New York. See N.Y. Public Authorities Law 3003
2. If, within forty-five days after such receipt of a proposed expense budget, report on expense items, expenditure plan or operations report, or, if within thirty days after such receipt of a proposed modification, the board of directors shall, in its judgment, determine that any such expense budget will not be balanced in accordance with the provisions of subdivision four of section three thousand thirty-eight, either by its terms or because income is overestimated or expenditures are underestimated therein, or that a report of proposed modification pursuant to subdivision six of section three thousand thirty-eight of this chapter reflects that the expense budget would thereafter not be balanced in accordance with the provisions of subdivision four of section three thousand thirty-eight, or that a condition imposed pursuant to such section has not been met or will not be met, with respect to such fiscal year, then the corporation shall promptly notify the mayor of such determination and shall review with him the manner in which corrective action may be taken in order to comply with such conditions.
3. In the event that the board of directors determines, following review with the mayor pursuant to subdivision two of this section that the corrective action necessary to cause compliance with the conditions of section thirty hundred thirty-eight of this chapter will not be taken, or determines as a result of a review made pursuant to section thirty hundred thirty-nine of this chapter or otherwise that the city is not in compliance with any of the conditions imposed pursuant to section thirty hundred thirty-eight of this chapter or that any representation or undertaking contained in any certificate delivered pursuant to such section is materially incorrect or has not been complied with in all material respects, the corporation shall promptly certify a copy of such determination of noncompliance to the governor, the legislature, the state comptroller, the mayor, the board of estimate, the city council and the city comptroller and shall disclose such determination to the public.
4. The remedies described above in this section are not exclusive and, in addition thereto, the corporation shall have and may exercise all other rights and remedies provided by law.
* NB The corporation shall continue for a term ending the later of July 1, 2008 or one year after its liabilities have been fully paid and discharged per § 3033 sub 1.