New York Laws
Title 3 - Municipal Assistance Corporation for the City of New York
3040 - Remedies of the Corporation.

* § 3040. Remedies of the corporation. 1. The corporation shall cause
each proposed expense budget, including related revenue estimates,
submitted to it pursuant to subdivision four of section thirty hundred
thirty-eight of this chapter, each report on expense items in the
capital budget submitted to it pursuant to subdivision five of such
section, each proposed modification furnished to it pursuant to
subdivision six of such section and each expenditure plan and operations
report submitted to it pursuant to subdivision seven of such section, to
be reviewed promptly by the corporation's staff or designee.

2. If, within forty-five days after such receipt of a proposed expense
budget, report on expense items, expenditure plan or operations report,
or, if within thirty days after such receipt of a proposed modification,
the board of directors shall, in its judgment, determine that any such
expense budget will not be balanced in accordance with the provisions of
subdivision four of section three thousand thirty-eight, either by its
terms or because income is overestimated or expenditures are
underestimated therein, or that a report of proposed modification
pursuant to subdivision six of section three thousand thirty-eight of
this chapter reflects that the expense budget would thereafter not be
balanced in accordance with the provisions of subdivision four of
section three thousand thirty-eight, or that a condition imposed
pursuant to such section has not been met or will not be met, with
respect to such fiscal year, then the corporation shall promptly notify
the mayor of such determination and shall review with him the manner in
which corrective action may be taken in order to comply with such
conditions.

3. In the event that the board of directors determines, following
review with the mayor pursuant to subdivision two of this section that
the corrective action necessary to cause compliance with the conditions
of section thirty hundred thirty-eight of this chapter will not be
taken, or determines as a result of a review made pursuant to section
thirty hundred thirty-nine of this chapter or otherwise that the city is
not in compliance with any of the conditions imposed pursuant to section
thirty hundred thirty-eight of this chapter or that any representation
or undertaking contained in any certificate delivered pursuant to such
section is materially incorrect or has not been complied with in all
material respects, the corporation shall promptly certify a copy of such
determination of noncompliance to the governor, the legislature, the
state comptroller, the mayor, the board of estimate, the city council
and the city comptroller and shall disclose such determination to the
public.

4. The remedies described above in this section are not exclusive and,
in addition thereto, the corporation shall have and may exercise all
other rights and remedies provided by law.

* NB The corporation shall continue for a term ending the later of
July 1, 2008 or one year after its liabilities have been fully paid and
discharged per § 3033 sub 1.