New York Laws
Title 1 - Nassau County Interim Finance Authority
3651 - Definitions.

§ 3651. Definitions. For the purposes of this title, unless the
context otherwise requires:

1. "Authority" or "Nassau county interim finance authority" means the
public benefit corporation created by this title.

2. "Bonds" means bonds, notes and other evidences of indebtedness,
issued or incurred by the authority.

3. "Chief fiscal officer" means the chief fiscal officer of the county
as defined in the county charter.

4. "Comptroller" means the comptroller of the county.

5. "Control period" means a period determined by the authority in
accordance with section thirty-six hundred sixty-nine of this title.

6. "County" means the county of Nassau.

7. "County charter" means the county government law of Nassau county,
as amended.

8. "County executive" means the county executive of the county.

9. "County tax revenues" means (a) that portion of tax revenues that
is deducted and withheld for transfer and credit by the authority to the
county of Nassau revenue anticipation note withholding fund established
by the authority and (b) the balance of tax revenues transferred by the
authority to the county, pursuant to section thirty-six hundred
fifty-seven of this title.

10. "Covered organization" means the Nassau health care corporation,
and any other governmental agency, public authority or public benefit
corporation which receives or may receive moneys directly, indirectly or
contingently from the county, but excluding the authority and (i) any
governmental agency, public authority or public benefit corporation
specifically exempted from the provisions of this title by order of the
authority upon application of such agency, public authority, or
corporation to the authority or at the authority's own motion upon a
finding by the authority that such exemption does not materially affect
the ability of the county to adopt and maintain a budget pursuant to the
provisions of this title, and provided that at the time of such
exemption, there shall have been and during the period of such exemption
there shall be an annual audit by a nationally recognized independent
certified public accounting firm or consortium of firms, one of which
shall be a nationally recognized firm, of the covered organization's
financial statements performed in accordance with generally accepted
auditing standards and report by such auditor thereon which includes an
opinion that the financial statements so audited have been prepared in
accordance with generally accepted accounting principles and such other
information as such auditors deem appropriate, (ii) any state public
authority as defined in section two hundred one of the civil service
law, unless specifically named above, or (iii) any governmental agency,
authority, commission or instrumentality created by compact or agreement
between the state of New York and another state or states; provided,
however, that the authority may terminate any exemption granted by order
of the authority pursuant to this subdivision upon a determination that
the circumstances upon which such exemption was granted are no longer
applicable.

11. "Director of the budget" means the director of the budget of the
state.

12. "Financeable costs" or "costs" means costs to finance (a) amounts
necessary to accomplish a refunding, repayment or restructuring of a
portion of the county's outstanding indebtedness or that of any covered
organization, (b) cash flow needs of the county, (c) tax certiorari
settlements and judgments of any kind to which the county is a party,
(d) appropriated capital costs of the county, including the costs of any
preliminary studies, surveys, maps, plans, estimates and hearings, (e)

amounts necessary to finance any county deficit, to the extent
authorized by state law, or (f) incidental costs, including, but not
limited to, legal fees, printing or engraving, publication of notices,
taking of title, apportionment of costs, and capitalized interest,
insurance premiums, costs related to items authorized in subdivisions
seven through ten of section thirty-six hundred fifty-four of this title
or any underwriting or other costs incurred in connection with the
financing thereof.

13. "Financial plan" means the financial plan of the county and the
covered organizations to be developed pursuant to section thirty-six
hundred sixty-seven of this title, as from time to time amended.

14. "Interim finance period" means the period of time from the
effective date of this title until the date when (a) the authority shall
determine, based on annual audit reports furnished in accordance with
this title, that for each fiscal year, through and including fiscal year
two thousand eight, that the county has adopted and adhered to budgets
covering all expenditures the results of which did not show a major
operating funds deficit when reported in accordance with generally
accepted accounting principles, subject to the provisions of this title,
and shall further determine that in the then current fiscal year there
is a substantial likelihood that the results of the county's operations
will not show a deficit in the major operating funds when so reported
and (b) the chief fiscal officer shall certify that securities sold by
or for the benefit of the county during the fiscal year immediately
preceding such date and the then current fiscal year in the general
public market satisfied the financing requirements of the county during
such period and that there is a substantial likelihood that such
securities can be sold in the general public market from such date
through the end of the next succeeding fiscal year in amounts which will
satisfy substantially all of the capital and seasonal financing
requirements of the county during such period in accordance with the
financial plan then in effect.

15. "Legislature" means the legislature of the county.

16. "Major operating funds" means the general fund, the police
district fund, the police headquarters fund, the county parks fund and
the fire prevention fund of the county, together with any other funds of
the county or a covered organization from time to time designated by the
authority.

17. "NCIFA assistance" means the amount of debt service savings in a
given fiscal year generated from the proceeds of bonds made available to
or for the benefit of the county or any covered organization as
determined by the authority.

18. "Presiding officer" means the presiding officer of the
legislature, elected pursuant to the rules of the legislature.

19. "Projected gap" means the excess, if any, of annual aggregate
projected expenditures over annual aggregate projected revenues for the
major operating funds in each year of a financial plan as determined by
the county and certified by the authority. For purposes of determining
the projected gap in each fiscal year, annual aggregate projected
revenues shall not include the amount of NCIFA assistance or
transitional state aid expected to be available for such fiscal year.

20. "Public corporation" means and includes the county, the state and
every public corporation as defined in the general construction law.

21. "Revenues" means the tax revenues and all aid, rents, fees,
charges, payments and other income and receipts paid or payable to the
authority or a trustee for the account of the authority to the extent
such amounts are pledged to bondholders, but in no event shall revenues
include any transitional state aid.

22. "State" means the state of New York.

23. "Tax revenues" means sales and compensating use tax net
collections paid or payable to the authority pursuant to section twelve
hundred sixty-one of the tax law.

24. "Transitional state aid" means any state aid appropriated to the
authority for the benefit of the county for (a) unrestricted aid
purposes and (b) the purpose of assisting the county in streamlining the
tax certiorari claims process and eliminating the need to borrow for
such costs.