Section 2673. Audit, annual report, county approval of certain projects

1.
  The accounts of the authority shall be subject to the supervision of the
  state  comptroller  and  an  annual  audit  shall  be  performed  by  an
  independent  certified  public  accountant. The authority shall annually
  submit  to  the  county  legislature,   governor,   state   comptroller,
  chairperson  of  the  senate  finance  committee, and chairperson of the
  assembly ways and means committee a  detailed  report  pursuant  to  the
  provisions  of  section twenty-eight hundred of this chapter, and a copy
  of such report shall be filed with the clerk of the county legislature.
    2. The authority shall not undertake any project unless it shall  have
  first  been  approved  by a majority vote of the county legislature. The
  provisions of this subdivision shall not apply, and no approval  of  the
  county  legislature shall be necessary, when: (a) the direct expenditure
  of funds used to complete such project is not anticipated to exceed  ten
  million  dollars  in  funds  derived  from  the authority's share of the
  dedicated net collections  described  in  subdivision  nine  of  section
  twenty-six  hundred  sixty-one  of  this  title,  and  the  interest  on
  one-third or less of bonds or  notes  that  shall  be  issued  for  such
  project  pursuant  to  this  title shall be includable, under the United
  States Internal Revenue Code of 1986,  as  amended,  or  any  subsequent
  corresponding internal revenue law of the United States, in gross income
  of  the holders of the bonds or notes to the same extent and in the same
  manner that the interest on bills, bonds, notes or other obligations  of
  the  United  States  is  includable  in  the gross income of the holders
  thereof  under  the  code  or  any  of  the  subsequent  laws;  or   (b)
  notwithstanding  the provisions of paragraph (a) of this subdivision, no
  bonding is necessary; or (c) notwithstanding the provisions of paragraph
  (a) of this subdivision, solely where the action  of  the  authority  is
  site acquisition, site preparation or infrastructure development.