Section 3961. Declaration of need for financing assistance to the county

1.
  The county shall determine and declare whether it requests the authority
  to  undertake  a  financing  of  costs  for  the  county  or any covered
  organization. Any such request shall be made by and through  the  county
  executive after approval by the legislature. Any such financing shall be
  consistent  with  the  adopted  budget  and financial plan of the county
  required under sections thirty-nine hundred  fifty-six  and  thirty-nine
  hundred fifty-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, for itself or on
  behalf of any covered  organization,  as  applicable,  and  the  county,
  acting  by  the  county  executive, and 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 revenues to secure the authority's  bonds,  notes  or
  other  obligations, 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-nine  hundred
  fifty-six  and  thirty-nine  hundred  fifty-seven  of  this  title,   as
  applicable.  The  authority's  revenues shall not be deemed funds of the
  county. Any such agreements with  the  county  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 or
  subsequent agreements with the holders of such obligations.
    4. Such agreements with the county 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,  for
  itself  or  on  behalf  of  any covered organization, as applicable; (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.
    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 county executive shall report to the authority, the comptroller, the
  legislature, the state comptroller,  the  chairs  of  the  state  senate
  finance  committee  and the state 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.