Section 3060. Remedies of the corporation

1. The corporation shall cause
  each proposed budget, including related revenue estimates, submitted  to
  it pursuant to subdivision four of section three thousand fifty-eight of
  this  title,  and each proposed modification furnished to it pursuant to
  subdivision  four  of  such  section  and  each  expenditure  plan   and
  operations  report  submitted  to it pursuant to subdivision six of such
  section, to be reviewed promptly by the corporation's staff or designee.
    2. If, within forty-five days after such receipt of proposed  budgets,
  or,  if within fifty days after such receipt of a proposed modification,
  the board of directors shall, in its judgement, determine that any  such
  budgets  will  not  be  balanced  in  accordance  with the provisions of
  subdivision five of section three thousand fifty-eight  of  this  title,
  either  by its terms or because revenue is overestimated or expenditures
  are underestimated therein, or that a report  of  proposed  modification
  pursuant  to  subdivision  five of section three thousand fifty-eight of
  this title reflects that the budgets would thereafter not be balanced in
  accordance with the provisions of  subdivision  four  of  section  three
  thousand fifty-eight of this title, 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  chief
  executive  officer  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 chief executive officer pursuant to subdivision  two  of
  this  section  that  the corrective action necessary to cause compliance
  with the conditions of section three thousand fifty-eight of this  title
  will  not  be taken, or determines as a result of a review made pursuant
  to section three thousand fifty-nine of this title or otherwise that the
  city is not in compliance with any of the conditions imposed pursuant to
  section  three  thousand  fifty-eight  of  this  title   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 chief executive officer, the
  city   council   and  the  city  comptroller  and  shall  disclose  such
  determination to the public.
    4. The remedies described 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.