N.Y. Public Authorities Law 3060 – Remedies of the corporation
§ 3060. Remedies of the corporation. 1. The corporation shall cause each proposed budget, including related revenue estimates, submitted to it pursuant to subdivision four of section three thousand fifty-eight of this title, and each proposed modification furnished to it pursuant to subdivision four of such section and each expenditure plan and operations report submitted to it pursuant to subdivision six of such section, to be reviewed promptly by the corporation's staff or designee.
Terms Used In N.Y. Public Authorities Law 3060
- Board of directors: means the board of directors of a municipal assistance corporation. See N.Y. Public Authorities Law 3003
- Chief executive officer: means the chief executive officer of the city as defined in subdivision five-a of § 2. See N.Y. Public Authorities Law 3052
- City: means the city of Troy. See N.Y. Public Authorities Law 3052
- City comptroller: means the comptroller of the city of Troy. See N.Y. Public Authorities Law 3052
- Comptroller: means the comptroller of the state of New York. See N.Y. Public Authorities Law 3003
- Corporation: means the corporate governmental agency created by section three thousand fifty-three of this title. See N.Y. Public Authorities Law 3052
- 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.
- 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
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Legislature: means the legislature of the state of New York. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003
2. If, within forty-five days after such receipt of proposed budgets, or, if within fifty days after such receipt of a proposed modification, the board of directors shall, in its judgement, determine that any such budgets will not be balanced in accordance with the provisions of subdivision five of section three thousand fifty-eight of this title, either by its terms or because revenue is overestimated or expenditures are underestimated therein, or that a report of proposed modification pursuant to subdivision five of section three thousand fifty-eight of this title reflects that the budgets would thereafter not be balanced in accordance with the provisions of subdivision four of section three thousand fifty-eight of this title, 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 chief executive officer 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 chief executive officer pursuant to subdivision two of this section that the corrective action necessary to cause compliance with the conditions of section three thousand fifty-eight of this title will not be taken, or determines as a result of a review made pursuant to section three thousand fifty-nine of this title or otherwise that the city is not in compliance with any of the conditions imposed pursuant to section three thousand fifty-eight of this title 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 chief executive officer, the city council and the city comptroller and shall disclose such determination to the public.
4. The remedies described 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.