(b) (1) A plan may be approved by the county legislature by a majority
vote of the members. If the plan is not voted on within ninety days of
its submission to the legislature, it shall be deemed approved;
provided, however, that the legislature may agree to extend the time
period in which it must vote on the plan.
(2) If the plan is not approved, the authority may thereafter
reformulate and resubmit for approval such plan at any time. If the
reformulated plan is not voted on within forty-five days of its
submission to the legislature, it shall be deemed approved; provided,
however, that the legislature may agree to extend the time period in
which it must vote on the reformulated plan.
(c) The authority may from time to time submit to the county
amendments or modifications to the plan. If the amendments or
modifications are not voted on within forty-five days of its submission
to the legislature, it shall be deemed approved; provided, however, that
the legislature may agree to extend the time period in which it must
vote on the amended or modified plan.
4. The disapproval of a plan by the county legislature shall not
affect: (a) the right of the authority to issue bonds or notes to
finance a capital project which was initiated prior to such disapproval
in conformity with a previously approved plan; (b) the right of the
authority to issue its bonds, notes, lease, sublease or other
contractual obligations in payment for a project initiated prior to such
disapproval in conformity with a previously approved plan; (c) the right
of the authority to issue bonds or notes to refund or otherwise repay
any of its outstanding bonds or notes or to fulfill any of their
obligations to the holders of any of their outstanding bonds or notes;
or (d) the right of the authority to issue its bonds, notes, lease,
sublease or other contractual obligations to refund or otherwise repay
any of its outstanding bonds or notes or to fulfill any of its
obligations to the holders of any of its outstanding bonds or notes.
Structure New York Laws
Article 8 - Miscellaneous Authorities
Title 32 - Albany County Airport Authority
2777 - Statement of Legislative Findings and Purpose.
2779 - Albany County Airport Authority.
2781 - Transfer of Officers and Employees.
2782 - General Powers of the Authority.
2783 - Special Powers of the Authority.
2784 - County Approval of Capital Projects.
2785 - Bonds of the Authority.
2786 - Remedies of Bondholders.
2787 - State and County Not Liable on Authority Bonds.
2788 - Monies of the Authority.
2789 - Bonds Legal Investment for Fiduciaries.
2792 - Exemption From Taxes, Assessments and Certain Fees.
2793 - Actions Against Authority.
2796 - Agreements Relating to Payment in Lieu of Taxes.
2797 - Audit and Annual Report.
2799 - Transfer of Applications, Proceedings, Approvals and Permits.