Section 2 - Enacted without section heading(a) Notwithstanding anything in this act to the contrary, the city of Troy, Rensselaer county, shall not authorize the issuance of any bonds or bond anticipation notes for the purpose of liquidating the cumulative deficit in its general fund at the close of the fiscal year ended December 31, 1993 until the amount of such deficit is determined by the state comptroller The city shall prepare a report detailing the amount and cause of such deficit within thirty days from the effective date of this act and shall submit such report to the state comptroller. Within thirty days after receiving such report, the state comptroller shall perform such reviews as may be necessary to determine the amount of such deficit. Bonds or bond anticipation notes to liquidate such deficit shall not be issued in an amount exceeding the amount of such deficit as determined by the state comptroller.
(b) Notwithstanding anything in this act to the contrary the city of Troy, Rensselaer county, shall not authorize the issuance of any bonds for the purpose of liquidating the projected deficit to be incurred in its general fund during the fiscal year ending December 31, 1994 until the existence of such deficit is identified and the amount of such deficit is determined by the state comptroller. The city shall prepare a report detailing the amount and cause of such deficit within thirty days after the end of its fiscal year ending December 31, 1994, and shall submit such report to the state comptroller. Within thirty days after receiving such report, the state comptroller shall perform such reviews as may be necessary to determine the existence and amount of such deficit. Bonds to liquidate such deficit shall not be issued in an amount exceeding the amount of such deficit as determined by the state comptroller. Nothing herein provided shall prevent such city from authorizing the issuance of bond anticipation notes in an amount not to exceed fourteen million three hundred seventy-five thousand dollars for the purpose of liquidating such deficit prior to a determination by the state comptroller of the amount of such deficit. In the event that bond anticipation notes are issued in an amount in excess of the amount of such deficit as determined by the state comptroller, such city shall redeem, from funds other than the proceeds of bonds or bond anticipation notes, such bond anticipation notes in the amount by which the amount of such bond anticipation notes exceeds the amount of such deficit as determined by the state comptroller.N.Y. City of Troy Issuance of Serial Bonds Law § 2