N.Y. NYS Financial Emergency Act for the city of NY 868/75 § 2-a: Legislative declaration of financial emergency

* § 2-a. Legislative declaration of financial emergency. The

legislature hereby finds and declares that a state of financial

emergency continues to exist within the city. The legislature further

finds and declares that the maintenance by the city of a balanced budget

in accordance with generally accepted accounting principles and the

city's borrowing practices are and will continue to be a matter of

overriding state concern, and that it is also appropriate and desirable

for the legislature to exercise its duty under section twelve of article

eight of the state constitution to restrict the powers of the city to

prevent abuses in taxation and assessments and in contracting of

indebtedness by the city.

* Terminates July 1, 2035 or ... see § 13