Title FEA, NYS Financial Emergency Act for the city of NY 868/75

* Section 1. Short title. This act shall be known and may be cited\nas the "New York State Financial Emergency Act for The City of New\nYork".\n * Terminates July 1, 2035 or ... see § 13\n

* § 10. Wage freeze. 1. Increases in salary or wages of employees of\nthe city and employees of covered organizations which have taken effect\nsince June thirtieth, nineteen hundred seventy-five or which will take\neffect after that date pursuant to collective bargaining agreeme…

* § 10-a. Covenants, authorizations to agree and remedies. 1. In the\nevent that after the date on which the provisions of this act become\noperative, any notes or bonds are issued by the city prior to July 1,\n2027, or any bonds are issued by a state financing agency, the state…

* § 11. Prohibitions; penalties. 1. During a control period, (i) no\nofficer or employee of the city or of any of the covered organizations\nshall make or authorize an obligation or other liability in excess of\nthe amount available therefor under the financial plan as then in\n…

* § 12. Indemnification. a. The state shall save harmless and\nindemnify members, officers and employees of and representatives to the\nboard, all of whom shall be deemed officers and employees of the state\nfor purposes of section seventeen of the public officers law, against\n…

§ 13. Termination. This act shall terminate on the later of (a) July\nfirst, two thousand eight or (b) the date (i) when all bonds and notes\ncontaining the pledge and agreement authorized by subdivision one of\nsection ten-a of this act are refunded, redeemed, discharged or\not…

* § 14. Separability. If any clause, sentence, paragraph, subdivision,\nor other part of this act shall for any reason be adjudged by any court\nof competent jurisdiction to be unconstitutional or otherwise invalid,\nsuch judgment shall not affect, impair, or invalidate the rema…

* § 15. Court preference. If any section, part or provision of this\nact shall be declared unconstitutional or invalid or ineffective by any\ncourt of this state, any appeal of such judgment or order shall have\npreference over all other causes in any court of this state. Servic…

* § 2. Definitions. As used in this act, the following words and terms\nshall have the following meanings unless the context shall indicate\nanother or different meaning or intent.\n 1. "Comptroller" means the comptroller of the state of New York.\n 2. "City" means the city of N…

* § 2-a. Legislative declaration of financial emergency. The\nlegislature hereby finds and declares that a state of financial\nemergency continues to exist within the city. The legislature further\nfinds and declares that the maintenance by the city of a balanced budget\nin acco…

* § 3. General rights and prohibitions. 1. Neither the city nor any\ncovered organization shall borrow or expend any monies, or in any way,\ndirectly or indirectly, expressly or implicitly, engage its credit\nduring any control period except in compliance with the provisions of\…

* § 4. Power of city or covered organization to determine the\nexpenditure of available funds. Nothing contained in this act shall be\nconstrued to limit the power of the city or a covered organization to\ndetermine, from time to time, within available funds for the city or for\…

* § 5. New York state financial control board; created. There is\nhereby created the New York state financial control board. The board\nshall be a governmental agency and instrumentality of the state and it\nshall have such powers and functions as are set forth in this act.\n * …

* § 6. Administration of the board. 1. The membership of the board\nshall be the governor, the state comptroller (pursuant to his authority\nto supervise the accounts of any political subdivision of the state),\nthe mayor, the city comptroller and three members appointed by the\…

* § 7. Functions of the board. 1. In carrying out the purposes of this\nact, the board shall perform the following functions:\n a. In accordance with the provisions of section eight of this act, the\nboard shall (i) consult with the city and the covered organizations in\nthe pre…

* § 7-a. Reports of the city. 1. The city shall take such action as\nmay be necessary to enable a nationally recognized independent certified\npublic accounting firm or consortium of firms, one of which at least is\na nationally recognized independent certified public accounting…

* § 8. Development of the financial plan. 1. Pursuant to the\nprocedures contained in subdivision three of this section, each year the\ncity shall develop, and may from time to time modify, with the approval\nof the board during a control period, a four year financial plan\ncove…

* § 9. Establishment and application of the board fund. 1. There is\nhereby established a fund designated the board fund. Commencing on\nOctober twentieth, nineteen hundred seventy-five, and for the duration\nof a control period, all revenues received or to be received by the ci…

* § 9-a. Establishment and application of a general debt service fund.\n1. Commencing on the first day of the first full fiscal quarter\nsubsequent to the first sale of a federally guaranteed city obligation,\nthe city shall establish a general debt service fund for the purpose …

* § 9-b. Limitations on short-term borrowing. 1. The limitations on\nshort-term borrowing imposed upon the city by this section shall be in\naddition to the limitations on short-term borrowing imposed on the city\nunder the local finance law. In the event any provisions of the l…