Title TRY, City of Troy Issuance of Serial Bonds

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

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

§ 1-b. Legislative declaration of financial emergency. The legislature\nhereby finds and declares that a state of financial emergency exists\nwithin the city of Troy.\n

§ 1-c. General rights and prohibitions. (a) Neither the city of Troy\nnor any covered organization shall borrow or expend any moneys, or in\nany way, directly or indirectly, expressly or implicitly engage its\ncredit during any emergency period except in compliance with the\npro…

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

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

§ 10-a. Prohibition; penalties. (a) During any emergency period (i) no\nofficer or employee of the city of Troy or of any of the covered\norganizations shall make or authorize an obligation or other liability\nin excess of the amount available therefor under the financial plan a…

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

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

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

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

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

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

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

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

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

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

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