New York Laws
Title 3 - Erie County Fiscal Stability Authority
3951 - Definitions.

§ 3951. Definitions. For the purposes of this title, unless the
context otherwise requires: 1. "Advisory period" means a period of time
from the effective date of this title until the date when (a) the
authority shall determine that for each fiscal year, through and
including fiscal year two thousand twelve, that the county has adopted
and adhered to budgets covering all expenditures the results of which do
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 comptroller shall certify that securities
were 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 cash flow requirements of
the county during such period in accordance with the financial plan then
in effect.

2. "Authority" or "Erie county fiscal stability authority" or "ECFSA"
means the public benefit corporation created by this title.

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

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

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

6. "County" means Erie county.

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

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

9. "County tax revenues" means net collections set aside for county
purposes pursuant to subdivision (a) of section twelve hundred sixty-two
of the tax law, from the county's sales and compensating use taxes
imposed pursuant to the authority of subpart B of part one of article
twenty-nine of the tax law.

10. "Covered organization" means any 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 (a) any other 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 on 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, or (b)
any state public authority defined in section two hundred one of the
civil service law, unless specifically named above; provided, however,
no municipality or school district shall be treated as a covered
organization solely because it shares sales and compensating use tax
revenue with the county, provided further, 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. "ECFSA assistance" means: (a) the proceeds of any deficit
financing authorized by the authority; or (b) the amount of debt service
savings in a given county fiscal year generated from the proceeds of
bonds, notes or other obligations of the authority made available to or
for the benefit of the county or any covered organization as determined
by the authority, or some combination thereof pursuant to the provisions
of sections thirty-nine hundred fifty-six and thirty-nine hundred
fifty-seven of this title. Such assistance shall be made available only
upon a declaration of need by the county pursuant to section thirty-nine
hundred sixty-one of this title and the approval of the authority.

13. "Financeable costs" or "costs" means costs to finance (a) amounts
necessary to finance a portion of the operating costs of the county or
any covered organization as provided in sections thirty-nine hundred
fifty-six and section thirty-nine hundred fifty-seven of this title, to
the extent approved by the authority, (b) amounts necessary to
accomplish a refunding, repayment or restructuring of all or a portion
of the county's outstanding indebtedness or that of any covered
organization, (c) cash flow needs of the county or any covered
organization, (d) any object or purpose of the county or any covered
organization, for which a period of probable usefulness is prescribed in
section 11.00 of the local finance law, including the costs of any
preliminary studies, surveys, maps, plans, estimates and hearings, or
(e) 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 nine of
section thirty-nine hundred fifty-four of this title or any underwriting
or other costs incurred in connection with the financing thereof;
provided however that, to the maximum extent practicable, all
financeable costs shall not adversely affect the requirements of
subdivision two of section thirty-nine hundred fifty-eight of this
title.

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

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

16. "Major operating funds" means the county general fund, the social
services fund, the county road fund, the capital fund, the debt service
fund, the sewer fund, together with any other funds of the county or a
covered organization from time to time designated by the authority.

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

18. "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 ECFSA assistance expected to be
available for such fiscal year.

19. "Revenues" means revenues of the authority consisting of county
tax revenues, state aid revenues, and all other 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.

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

21. "State aid" means aid and incentives for municipalities, any
successor type of aid and any new aid appropriated by the state as local
government assistance for the benefit of the county.

22. "State aid revenues" means state aid paid by the state comptroller
to the authority pursuant to this title.

23. "State comptroller" means the comptroller of the state.