New York Laws
Title 28-B - Schenectady Metroplex Development Authority
2673 - Audit, Annual Report, County Approval of Certain Projects.

§ 2673. Audit, annual report, county approval of certain projects. 1.
The accounts of the authority shall be subject to the supervision of the
state comptroller and an annual audit shall be performed by an
independent certified public accountant. The authority shall annually
submit to the county legislature, governor, state comptroller,
chairperson of the senate finance committee, and chairperson of the
assembly ways and means committee a detailed report pursuant to the
provisions of section twenty-eight hundred of this chapter, and a copy
of such report shall be filed with the clerk of the county legislature.

2. The authority shall not undertake any project unless it shall have
first been approved by a majority vote of the county legislature. The
provisions of this subdivision shall not apply, and no approval of the
county legislature shall be necessary, when: (a) the direct expenditure
of funds used to complete such project is not anticipated to exceed ten
million dollars in funds derived from the authority's share of the
dedicated net collections described in subdivision nine of section
twenty-six hundred sixty-one of this title, and the interest on
one-third or less of bonds or notes that shall be issued for such
project pursuant to this title shall be includable, under the United
States Internal Revenue Code of 1986, as amended, or any subsequent
corresponding internal revenue law of the United States, in gross income
of the holders of the bonds or notes to the same extent and in the same
manner that the interest on bills, bonds, notes or other obligations of
the United States is includable in the gross income of the holders
thereof under the code or any of the subsequent laws; or (b)
notwithstanding the provisions of paragraph (a) of this subdivision, no
bonding is necessary; or (c) notwithstanding the provisions of paragraph
(a) of this subdivision, solely where the action of the authority is
site acquisition, site preparation or infrastructure development.