Section 2327. Financial records

1. The authority shall maintain books and
  records in such form as may be prescribed by the state comptroller.
    2. Annually within ninety days following the close of its fiscal year,
  the authority shall prepare and file a financial report for that  fiscal
  year complying with the requirements of section eight hundred fifty-nine
  of the general municipal law.
    3.  If  the  authority  fails  to  file  or substantially complete, as
  determined by the state comptroller, the financial statement required by
  section eight hundred fifty-nine  of  the  general  municipal  law,  the
  penalties  set  forth in section eight hundred fifty-nine of the general
  municipal law shall apply to the authority.
    4. The authority shall mail or deliver to the chief executive  officer
  and  the  governing  body  of  the city of Auburn and make available for
  public inspection and comment, its proposed budget for  the  forthcoming
  fiscal year, no later than twenty business days before adoption. At such
  time  the authority shall file its proposed budget with the clerk of the
  city of Auburn. Such proposed budget shall contain detailed estimates in
  writing of the amount of revenues to be received and expenditures to  be
  made  during the forthcoming fiscal year. Following its consideration of
  the comments received, the agency may revise its budget accordingly  and
  shall file the revised budget with the clerk of the city of Auburn.
    5.  Payments  in lieu of taxes received by the authority shall be paid
  over to each affected tax jurisdiction within thirty days of receipt.
    6. Payments in lieu of taxes which are delinquent under the  agreement
  or  which  the  authority fails to remit pursuant to subdivision five of
  this section shall be subject to a late payment penalty of five  percent
  of  the  amount  due  which shall be paid by the project occupant (where
  taxes are delinquent because of  the  occupant's  failure  to  make  the
  required  payment)  or  the  agency  (because of the agency's failure to
  remit pursuant to subdivision five of this section) to the affected  tax
  jurisdiction  at the time the payment in lieu of taxes is paid. For each
  month, or part thereof, that the payment in lieu of taxes is  delinquent
  beyond  the  first  month,  interest  shall accrue to and be paid to the
  affected tax jurisdiction on the total amount due plus  a  late  payment
  penalty  in  the  amount  of  one percent per month until the payment is
  made.
    7. An affected tax jurisdiction which has not received  a  payment  in
  lieu  of taxes due to it under an agreement may commence legal action in
  any court of competent jurisdiction directly against any  person,  firm,
  corporation,  organization or agency which is obligated to make payments
  in lieu of taxes under an agreement and has failed to do so. In such  an
  action,  the  affected tax jurisdiction shall be entitled to recover the
  amount due, the late payment  penalty,  interest,  expenses,  costs  and
  disbursements  together with the reasonable attorneys' fees necessary to
  prosecute such action. Nothing herein shall be construed as providing an
  affected tax jurisdiction with the right to  sue  and  recover  from  an
  agency  which  has not received payments in lieu of taxes from a project
  occupant.
    8. Any refinancing of a project shall be subject to the provisions  of
  section  twenty-three  hundred  seven of this chapter, except where such
  refinancing was previously approved pursuant to such section.
    9. Agents of the authority and project operators shall annually file a
  statement with the state department of taxation and finance, on  a  form
  and  in  such  a manner as is prescribed by the commissioner of taxation
  and finance, of the value of all sales and use tax exemptions claimed by
  such agents or agents of such agents or  project  operators,  including,
  but  not  limited  to,  consultants  or subcontractors of such agents or
  project operators under the authority granted pursuant to this  section.

  The  penalty  for  failure  to  file such statements shall be removal of
  authority to act as agent of the authority or project operator.