Terms Used In N.Y. Public Authorities Law 3852

• Advisory period: means that period no earlier than July first, two thousand six, after which the authority has determined that (a) for each of the three immediately preceding city fiscal years, the city has adopted and adhered to budgets covering all expenditures, other than capital items, the results of which did not show a deficit, without the use of any authority assistance, as provided for under section thirty-eight hundred fifty-seven of this title, when reported in accordance with generally accepted accounting principles and (b) the comptroller and the state comptroller jointly certify that securities were sold by the city during the immediately preceding city fiscal year in the general public market and that there is a substantial likelihood that such securities can be sold by the city in the general public market from such date through the end of the next succeeding city fiscal year in amounts that will satisfy substantially all of the capital and cash flow requirements of the city during that period in accordance with the financial plan then in existence. See N.Y. Public Authorities Law 3851
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• City: means the city of Buffalo. See N.Y. Public Authorities Law 3851
• Control period: means that period of time from the effective date of this title, continuing until the authority determines that conditions have been met as provided in subdivision one of this section and the city qualifies for the onset of an advisory period. See N.Y. Public Authorities Law 3851
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• State: means the state of New York. See N.Y. Public Authorities Law 3851