Section 3040. Remedies of the corporation

1. The corporation shall cause
  each proposed  expense  budget,  including  related  revenue  estimates,
  submitted  to  it pursuant to subdivision four of section thirty hundred
  thirty-eight of this chapter,  each  report  on  expense  items  in  the
  capital  budget  submitted  to  it  pursuant to subdivision five of such
  section,  each  proposed  modification  furnished  to  it  pursuant   to
  subdivision six of such section and each expenditure plan and operations
  report submitted to it pursuant to subdivision seven of such section, to
  be reviewed promptly by the corporation's staff or designee.
    2. If, within forty-five days after such receipt of a proposed expense
  budget,  report on expense items, expenditure plan or operations report,
  or, if within thirty days after such receipt of a proposed modification,
  the board of directors shall, in its judgment, determine that  any  such
  expense budget will not be balanced in accordance with the provisions of
  subdivision  four  of section three thousand thirty-eight, either by its
  terms  or  because  income  is   overestimated   or   expenditures   are
  underestimated  therein,  or  that  a  report  of  proposed modification
  pursuant to subdivision six of section three  thousand  thirty-eight  of
  this  chapter  reflects  that the expense budget would thereafter not be
  balanced in accordance  with  the  provisions  of  subdivision  four  of
  section  three  thousand  thirty-eight,  or  that  a  condition  imposed
  pursuant to such section has not been met  or  will  not  be  met,  with
  respect  to such fiscal year, then the corporation shall promptly notify
  the mayor of such determination and shall review with him the manner  in
  which  corrective  action  may  be  taken  in  order to comply with such
  conditions.
    3. In the event that the  board  of  directors  determines,  following
  review  with  the mayor pursuant to subdivision two of this section that
  the corrective action necessary to cause compliance with the  conditions
  of  section  thirty  hundred  thirty-eight  of  this chapter will not be
  taken, or determines as a result of a review made  pursuant  to  section
  thirty hundred thirty-nine of this chapter or otherwise that the city is
  not in compliance with any of the conditions imposed pursuant to section
  thirty  hundred  thirty-eight of this chapter or that any representation
  or undertaking contained in any certificate delivered pursuant  to  such
  section  is  materially  incorrect  or has not been complied with in all
  material respects, the corporation shall promptly certify a copy of such
  determination of noncompliance to the  governor,  the  legislature,  the
  state  comptroller,  the  mayor, the board of estimate, the city council
  and the city comptroller and shall disclose such  determination  to  the
  public.
    4. The remedies described above in this section are not exclusive and,
  in  addition  thereto,  the  corporation shall have and may exercise all
  other rights and remedies provided by law.
    * NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.