New York Laws
Title 33 - New York City Transitional Finance Authority
2799-FF - Declaration of Need.

(a) authorize agreements between the city and the authority in
accordance with the provisions of this title. Such agreements shall not
constitute indebtedness of the city for purposes of section 20.00 of the
local finance law or any constitutional or statutory limitation.
(b) enter into agreements with the city and the city, acting by the
mayor alone, may enter into agreements with the authority in accordance
with the provisions of this title as to the financing of costs by the
authority, the application of tax revenues to the authority to secure
its bonds, and further assurances in respect of the authority's receipt
of such revenues. The authority's revenues shall not be deemed funds of
the city. Any such agreements may be pledged by the authority to secure
its bonds and may not be modified thereafter except as provided by the
terms of the pledge.
6. Such agreements (i) shall describe by reference to the capital
budget of the city the particular projects and costs to be financed in
whole or in part by the authority, (ii) shall describe the plan for the
financing of the costs or projects, (iii) shall set forth the method by
which and by whom and the terms and conditions upon which money provided
by the authority shall be disbursed to the city, which disbursements
shall occur, subject to receipt by the authority of such documentation
as to the costs being reimbursed as the authority shall reasonably
require, at least monthly, (iv) shall provide for the payment of such
costs by the city under such contracts as shall be awarded by the city
or for the city to make a capital contribution of such proceeds as city
funds to another entity for the payment or reimbursement of such costs,
and (v) shall require every contract entered into by the city, or
another entity receiving funds from the city, for projects or costs to

be financed in whole or in part by the authority to be subject to the
provisions of the New York city charter and other applicable laws
governing contracts of the city or such entity, as the case may be.
7. At least annually, commencing no more than one year after the date
on which authority bonds are first issued, the mayor shall report to the
comptroller, the speaker of the council, the governor, the state
comptroller, the chair and ranking minority member of the senate finance
committee and the chair and ranking minority member of the assembly ways
and means committee on the projects financed by the authority and the
amount of such financing for each such project over the past year, which
report shall, by reference to specific items in the city's capital
budget, describe the type and location of each such project.