N.Y. PBA Law § 2673

§ 2673. Audit, annual report, county approval of certain projects. 1.\nThe accounts of the authority shall be subject to the supervision of the\nstate comptroller and an annual audit shall be performed by an\nindependent certified public accountant. The authority shall annually\nsubmit to the county legislature, governor, state comptroller,\nchairperson of the senate finance committee, and chairperson of the\nassembly ways and means committee a detailed report pursuant to the\nprovisions of section twenty-eight hundred of this chapter, and a copy\nof such report shall be filed with the clerk of the county legislature.\n 2. The authority shall not undertake any project unless it shall have\nfirst been approved by a majority vote of the county legislature. The\nprovisions of this subdivision shall not apply, and no approval of the\ncounty legislature shall be necessary, when: (a) the direct expenditure\nof funds used to complete such project is not anticipated to exceed ten\nmillion dollars in funds derived from the authority's share of the\ndedicated net collections described in subdivision nine of section\ntwenty-six hundred sixty-one of this title, and the interest on\none-third or less of bonds or notes that shall be issued for such\nproject pursuant to this title shall be includable, under the United\nStates Internal Revenue Code of 1986, as amended, or any subsequent\ncorresponding internal revenue law of the United States, in gross income\nof the holders of the bonds or notes to the same extent and in the same\nmanner that the interest on bills, bonds, notes or other obligations of\nthe United States is includable in the gross income of the holders\nthereof under the code or any of the subsequent laws; or (b)\nnotwithstanding the provisions of paragraph (a) of this subdivision, no\nbonding is necessary; or (c) notwithstanding the provisions of paragraph\n(a) of this subdivision, solely where the action of the authority is\nsite acquisition, site preparation or infrastructure development.\n