§ 7-04 Public Funds Cap.
RCNY § 7-04
(a)A candidate shall not be eligible to receive more than one quarter of the applicable maximum pursuant to § 3-705(2)(b) of the Code unless the Board determines that one of the conditions set forth in § 3-705(7)(a)(2) or (3) of the Code is satisfied, or the candidate submits a certified signed statement attesting to the need for additional public funds and demonstrating that at least one of the conditions set forth in § 3-705(7)(a)(1) of the Code is satisfied. The statement must be filed with the Board no later than the due date of the applicable disclosure statements or fifteen business days prior to the payment date, whichever is later, except that, if the basis for filing the statement arises after the due date, and no basis existed prior to such due date, then the statement shall be due by the deadline for the disclosure statement immediately preceding the next date on which a public funds payment is scheduled to be made: (i) Candidates in the primary election must file the statement of need no later than the due date of the 32-day pre-primary election disclosure statement.
(ii)Candidates in the general election must file the statement of need no later than the due date of the 32-day pre-general election disclosure statement.
(b)The Board shall verify the truthfulness of any certified signed statement submitted pursuant to § 3-705(7)(a)(1) of the Code and determine whether supporting documentation demonstrates the existence of the condition or conditions described in such statement. For the purposes of making a determination pursuant to § 3-705(7)(a)(1)(A) of the Code, a non-participating candidate shall be presumed to have the ability to self-finance when it is demonstrated through supporting documentation that such candidate has readily available funds in excess of one fifth of the applicable expenditure limit and that such candidate can reasonably be expected to spend such funds for such candidate's election. (Added City Record 8/16/2019, eff. 9/15/2019; amended City Record 5/22/2020, eff. 6/21/2020; amended City Record 2/15/2023, eff. 3/17/2023; amended City Record 11/19/2024, eff. 12/19/2024)
