New York Laws
Title 1 - Nassau County Interim Finance Authority
3655 - Declaration of Need.

§ 3655. Declaration of need. 1. The county shall determine and declare
whether it requests the authority to undertake a financing of costs. Any
such request shall be made by the county executive and approved by the
legislature. Any such financing shall be consistent with the adopted
budget and financial plan required under sections thirty-six hundred
sixty-six and thirty-six hundred sixty-seven of this title, as
applicable.

2. Upon declaration by the county of such need, the county executive
shall request that the authority provide financing in accordance with
the provisions of this title.

3. Upon approval by the authority, in its discretion in accordance
with the provisions of this title, of such financing request, the
authority may enter into agreements with the county, and the county,
acting by the county executive, approved by the legislature, 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 and the fiscal affairs of the county, including but not limited
to the manner of preparation of budget reports and financial plans as
provided for in sections thirty-six hundred sixty-six and thirty-six
hundred sixty-seven of this title, as applicable. The authority's
revenues shall not be deemed funds of the county. 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.

4. Such agreements shall (a) describe the particular financeable costs
to be financed in whole or in part by the authority, (b) describe the
plan for the financing of the costs, (c) 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 county, (d) where appropriate,
provide for the payment of such costs by the county under such contracts
as shall be awarded by the county or for the county to make a capital
contribution of such proceeds as county funds to another entity for the
payment or reimbursement of such costs, and (e) require every contract
entered into by the county, or another entity receiving funds from the
county, for costs to be financed in whole or in part by the authority to
be subject to the provisions of the county charter and other applicable
laws governing contracts of the county or such entity, as the case may
be. Nothing contained in this title shall relieve or modify the
application to the county or any entity acting on behalf of the county
or any covered organization of the requirements of law relating (i) to
contracts for procurement, design, construction, services and materials,
or (ii) the provisions of section two hundred twenty of the labor law,
or (iii) the provisions of article five-A of the general municipal law.

5. At least annually, commencing no more than one year after the date
on which authority bonds are first issued, the county executive shall
report to the authority, the comptroller, the legislature, the state
comptroller, the chairs of the senate finance committee and the assembly
ways and means committee, and the director of the budget on the costs
financed by the authority and the amount of such financing over the past
year, which report shall describe, by reference to the specific items in
the county's budget or financial plan, its compliance therewith.