New York Laws
Title 11 - Troy Industrial Development Authority
1964-A - Financial Records.

§ 1964-a. Financial records. 1. The authority shall maintain books and
records in such form as may be prescribed by the state comptroller.

2. Annually within ninety days following the close of its fiscal year,
the authority shall prepare and file a financial report for that fiscal
year complying with the requirements of section eight hundred fifty-nine
of the general municipal law.

3. If the authority fails to file or substantially complete, as
determined by the state comptroller, the financial statement required by
section eight hundred fifty-nine of the general municipal law, the
penalties set forth in section eight hundred fifty-nine of the general
municipal law shall apply to the authority.

4. The authority shall mail or deliver to the chief executive officer
and the governing body of the city of Troy and make available for public
inspection and comment its proposed budget for the forthcoming fiscal
year, no later than twenty business days before adoption. At such time,
the authority shall file its proposed budget with the clerk of the city
of Troy. Such proposed budget shall contain detailed estimates of the
amount of revenues to be received and expenditures to be made during the
forthcoming fiscal year. Following its consideration of the comments
received, the authority may revise its budget accordingly and shall file
the revised budget with the clerk of the city of Troy.

5. Payments in lieu of taxes received by the authority shall be paid
over to each affected tax jurisdiction within thirty days of receipt.

6. Payments in lieu of taxes which are delinquent under the agreement
or which the authority fails to remit pursuant to subdivision five of
this section shall be subject to a late payment penalty of five percent
of the amount due which shall be paid by the project occupant (where
taxes are delinquent because of the occupant's failure to make the
required payment) or the agency (because of the agency's failure to
remit pursuant to subdivision five of this section) to the affected tax
jurisdiction at the time the payment in lieu of taxes is paid. For each
month, or part thereof, that the payment in lieu of taxes is delinquent
beyond the first month, interest shall accrue to and be paid by the
project occupant (where taxes are delinquent because of the occupant's
failure to make the required payment) or the agency (because of the
agency's failure to remit pursuant to subdivision five of this section)
to the affected tax jurisdiction on the total amount due plus a late
payment penalty in the amount of one percent per month until the payment
is made.

7. An affected tax jurisdiction which has not received a payment in
lieu of taxes due to it under an agreement may commence legal action in
any court of competent jurisdiction directly against any person, firm,
corporation, organization or agency which is obligated to make payments
in lieu of taxes under an agreement and has failed to do so. In such an
action, the affected tax jurisdiction shall be entitled to recover the
amount due, the late payment penalty, interest, expenses, costs and
disbursements together with the reasonable attorneys' fees necessary to
prosecute such action. Nothing herein shall be construed as providing an
affected tax jurisdiction with the right to sue and recover from an
agency which has not received payments in lieu of taxes from a project
occupant.

8. Any refinancing of a project shall be subject to the provisions of
section nineteen hundred fifty-three-a of this chapter, except where
such refinancing was previously approved pursuant to such section.

9. Agents of the authority and project operators shall annually file a
statement with the state department of taxation and finance, on a form
and in such a manner as is prescribed by the commissioner of taxation
and finance, of the value of all sales and use tax exemptions claimed by

such agents or agents of such agents or project operators, including,
but not limited to, consultants or subcontractors of such agents or
project operators under the authority granted pursuant to this section.
The penalty for failure to file such statement shall be removal of
authority to act as agent of the authority or project operator.