Section 3861. Declaration of need for financing assistance to the city

1.
  The city shall determine and declare whether it requests  the  authority
  to  undertake  a  financing  of  costs,  including  costs  of the city's
  dependent school district or any other covered  organization.  Any  such
  request  shall  be  made  by and through the mayor after approval by the
  council.  Any such financing shall be consistent with the adopted budget
  and financial plan of the  city  required  under  sections  thirty-eight
  hundred fifty-six and thirty-eight hundred fifty-seven of this title, as
  applicable.
    2.  Upon declaration by the city of such need, the mayor 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 city, for itself or on
  behalf of the city's dependent school  district  or  any  other  covered
  organization, as applicable, and the city, acting by the mayor, approved
  by  the  council,  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 revenues to the authority to
  secure its bonds, notes or other obligations, and further assurances  in
  respect  of  the  authority's  receipt  of  such revenues and the fiscal
  affairs of the  city,  including  but  not  limited  to  the  manner  of
  preparation  of  budget  reports  and financial plans as provided for in
  sections  thirty-eight  hundred  fifty-six  and   thirty-eight   hundred
  fifty-seven of this title, as applicable. The authority's revenues shall
  not  be  deemed funds of the city. Any such agreements with the city may
  be pledged by  the  authority  to  secure  its  bonds,  notes  or  other
  obligations and may not be modified thereafter except as provided by the
  terms of the pledge.
    4.  Such  agreements  with  the city 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 city for
  itself or on behalf of the city's dependent  school  district  or  other
  covered  organization, as applicable, (d) where appropriate, provide for
  the payment of such costs by the city under such contracts as  shall  be
  awarded  by  the  city or for the city to make a capital contribution of
  such proceeds as city  funds  to  another  entity  for  the  payment  or
  reimbursement of such costs, and (e) require every contract entered into
  by  the city, or another entity receiving funds from the city, for costs
  to be financed in whole or in part by the authority to be subject to the
  provisions of the city  charter  and  other  applicable  laws  governing
  contracts of the city or such entity, as the case may be.
    5.  At least annually, commencing no more than one year after the date
  on which authority bonds, notes or other obligations are  first  issued,
  the  mayor  shall report to the authority, the comptroller, the council,
  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 city's budget or financial plan, its compliance
  therewith.