21 CRR-NY 2002.5NY-CRR
21 CRR-NY 2002.5
21 CRR-NY 2002.5
2002.5 Municipal funding assurances.
Included in any municipal agreement shall be provisions that:
(a) Prior to the corporation commencing any project services, and at all times thereafter, the municipality shall have on deposit with the corporation moneys as determined by the corporation in amounts sufficient to meet all commitments of the corporation to be made on behalf of the municipality, and charges to be collected by the corporation from the municipality, for not less than the next three succeeding months. Should the municipality fail to maintain the required deposit of moneys at all times, the corporation shall:
(1) notify the municipality, in writing, that there are insufficient funds to meet the project requirements and that the corporation shall, whenever deemed necessary, order all work stopped on the project until such time as sufficient funds are deposited by the municipality to meet such project requirements, and further, that the municipality shall be solely responsible for the cost of any resultant obligations or liabilities; and
(2) notify the State Director of the Budget in writing of any shortfall, and describe the step(s) taken or to be taken to correct the deficiency.
(b) All moneys advanced to the corporation by the municipality shall be placed in a special interest-bearing account by the corporation as agent for the municipality, to be disbursed upon audit and warrant of the corporation's director of finance and fiscal management or controller, and shall not be commingled with any other moneys of the corporation.
21 CRR-NY 2002.5
Current through May 31, 2021
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