Title TRY, City of Troy Issuance of Serial Bonds

Section 1. (a) The city of Troy, Rensselaer county, is hereby authorized to issue serial bonds on or before December 31, 1995 in an aggregate principal amount not to exceed four million two hundred fifty-five thousand dollars for the specific object or purpose of liquidating the…

§ 1-a. 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. (a) "Available funds" means at any date the amounts in the supervisory board fund which are then ava…

§ 1-b. Legislative declaration of financial emergency. The legislature hereby finds and declares that a state of financial emergency exists within the city of Troy.

§ 1-c. General rights and prohibitions. (a) Neither the city of Troy nor any covered organization shall borrow or expend any moneys, or in any way, directly or indirectly, expressly or implicitly engage its credit during any emergency period except in compliance with the provisi…

§ 1-d. Power of city of Troy 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 of Troy or a covered organization during any emergency period to determine, from time to time, wi…

§ 10. (a) Supervisory board; created. There shall be created for the city of Troy a supervisory board for the purpose of reviewing, directing and supervising the financial management of the city of Troy during any emergency period and following termination of any emergency perio…

§ 10-a. Prohibition; penalties. (a) During any emergency period (i) no officer or employee of the city of Troy 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 t…

§ 11. If any clause, sentence, subdivision, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, …

§ 2. (a) Notwithstanding anything in this act to the contrary, the city of Troy, Rensselaer county, shall not authorize the issuance of any bonds or bond anticipation notes for the purpose of liquidating the cumulative deficit in its general fund at the close of the fiscal year …

§ 3. The state comptroller shall not confirm the amount of any deficit unless and until the chief executive officer, as such term is defined in paragraph 5-a of section 2.00 of the local finance law, of the city of Troy, shall have provided an independently-audited financial sta…

§ 4. (a) It is hereby determined that the financing of the deficits hereinbefore described in section one of this act is an object or purpose of said city of Troy which is a public purpose which the city of Troy is hereby authorized to accomplish and for which indebtedness may b…

§ 5. Except as hereinafter provided, all proceedings in connection with the authorization and issuance of such bonds and/or bond anticipation notes authorized to be issued pursuant to this act shall be had and taken in accordance with the provisions of the local finance law, exc…

§ 6. (a) For each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act are outstanding, the chief executive officer and the chief fiscal officer, as such terms are defined in paragraphs 5 and 5-a of section 2.00 of the local fina…

§ 7. To facilitate the marketing of such bonds and/or bond anticipation notes authorized to be issued pursuant to this act, the city of Troy may, notwithstanding any limitations on the private sales of bonds provided by law and subject to the approval by the state comptroller of…

§ 8. Establishment and application of supervisory board fund for the city of Troy. (a) There is hereby established a fund designated the supervisory board fund for the city of Troy. Commencing on the effective date of the initial financial plan approved by the supervisory board …

§ 8-a. Establishment and application of a general debt service fund. (a) The city shall establish a general debt service fund for the purpose of paying debt service due or becoming due in the then current fiscal year and in subsequent fiscal years and for making payments to the …

§ 8-b. Certain taxes collected by the city of Troy on behalf of the county of Rensselaer. (a) As long as the municipal assistance corporation for the city of Troy shall exist, the county of Rensselaer shall have a statutory first lien upon all monies paid as or on account of tax…

§ 9. (a) As additional security for any issue of bonds and/or bond anticipation notes authorized to be issued by the city of Troy in accordance with the local finance law or pursuant to this act or pursuant to title 4 of article 10 of the public authorities law and issued prior …