N.Y. NYS Project Finance Agency Act7/75 § 2: Declaration of policy and statement of purposes

§ 2. Declaration of policy and statement of purposes.

The legislature has heretofore created the New York state urban

development corporation to engage in the construction of projects to

fulfill essential public purposes which are necessary for the health,

safety and welfare of the people of this state, as found by the

legislature in section two of the New York state urban development

corporation act.

In order to assist in the completion of projects to which the

corporation is contractually obligated, to provide for the orderly

marketing of obligations to finance such completion, and to provide for

the orderly payment of debt service of the corporation, it is hereby

found and declared that a separate corporate governmental agency, to be

known as the "New York state project finance agency," should be created

as a single purpose agency to provide long-term financing to the New

York state urban development corporation, by acquiring funds from

appropriations by the state and from sale of its notes and bonds.

It is hereby declared that the aforementioned purposes are public uses

and public purposes for which public money may be loaned and tax

exemptions granted, and that the powers and duties of the New York state

project finance agency, as hereinafter prescribed are necessary and

proper for the purpose of achieving the ends here recited.