§ 3666. 2000 fiscal year budget modification. 1. The control period as set forth in section thirty-six hundred sixty-nine of this title shall be instituted on June thirtieth, two thousand, unless prior to such date (a) the county executive, after approval by the legislature, shall have submitted to the authority a modification to the county's budget for the 2000 fiscal year, as in effect on May tenth, two thousand; and (b) the authority shall have determined that such modification when implemented will ensure a reduction of the projected gap, through recurring or nonrecurring actions, for the 2000 fiscal year and, together with any budget modifications prior to May tenth, two thousand, through recurring actions, for the three next succeeding fiscal years, in an amount not less than fifty million dollars per year.

2. In order that such budget modification be effective on or before June thirtieth, two thousand, the county executive shall within seven days following the effective date of this title submit a proposed modification to the legislature. Within seven days thereafter, the legislature shall approve such modification or a substitute modification. Upon approval by the legislature, the county executive shall submit such modification to the authority. Not later than ten days after such budget modification shall have been submitted to the authority, the authority shall approve or disapprove such modification, provided that the authority may approve such modification only upon its determination that such modification when implemented will ensure such reduction of the projected gap for each fiscal year as required by subdivision one of this section.

3. In the event the authority shall disapprove such budget modification based on disapproval of certain actions or assumptions, the authority shall promptly thereafter notify the county executive of its reasons. The county executive shall thereafter, after approval by the legislature, resubmit a budget modification, based on actions or assumptions other than those that have been disapproved by the authority, for consideration by the authority and in sufficient time for the authority to have a seven day review period prior to June thirtieth, two thousand.