New York Laws
Title 1 - Nassau County Interim Finance Authority
3666 - 2000 Fiscal Year Budget Modification.

§ 3666. 2000 fiscal year budget modification. 1. The control period as
set forth in section thirty-six hundred sixty-nine of this title shall
be instituted on June thirtieth, two thousand, unless prior to such date
(a) the county executive, after approval by the legislature, shall have
submitted to the authority a modification to the county's budget for the
2000 fiscal year, as in effect on May tenth, two thousand; and (b) the
authority shall have determined that such modification when implemented
will ensure a reduction of the projected gap, through recurring or
nonrecurring actions, for the 2000 fiscal year and, together with any
budget modifications prior to May tenth, two thousand, through recurring
actions, for the three next succeeding fiscal years, in an amount not
less than fifty million dollars per year.

2. In order that such budget modification be effective on or before
June thirtieth, two thousand, the county executive shall within seven
days following the effective date of this title submit a proposed
modification to the legislature. Within seven days thereafter, the
legislature shall approve such modification or a substitute
modification. Upon approval by the legislature, the county executive
shall submit such modification to the authority. Not later than ten days
after such budget modification shall have been submitted to the
authority, the authority shall approve or disapprove such modification,
provided that the authority may approve such modification only upon its
determination that such modification when implemented will ensure such
reduction of the projected gap for each fiscal year as required by
subdivision one of this section.

3. In the event the authority shall disapprove such budget
modification based on disapproval of certain actions or assumptions, the
authority shall promptly thereafter notify the county executive of its
reasons. The county executive shall thereafter, after approval by the
legislature, resubmit a budget modification, based on actions or
assumptions other than those that have been disapproved by the
authority, for consideration by the authority and in sufficient time for
the authority to have a seven day review period prior to June thirtieth,
two thousand.