N.Y. Public Authorities Law § 1232: Legislative intent

§ 1232. Legislative intent. The state legislature hereby recognizes

that the creation of a Nassau county sewer and storm water finance

authority will be an effective mechanism to achieve substantial savings

for past and prospective sewer and storm water capital investments.

Moreover, such authority will help ensure the health and well-being of

all Nassau county residents and promote local environmental protection.

As such, the state legislature herein effectuates these laudable public

purposes through the establishment of said authority for the specific

and limited objective of refinancing outstanding sewer and storm water

debt issued by or on behalf of the county and financing future sewer and

storm water projects. In no manner is this legislation designed to alter

the county's administration or delivery of sewer and storm water

services to county residents nor is the authority intended to impose any

additional pecuniary burden on its ratepayers. As a vehicle expressly

created to consolidate existing sewer districts, refinance debt, provide

a means for financing new debt and prepare for pending federal storm

water regulatory requirements, the authority will serve as an important

tool to aid the county's fiscal recovery and benefit county taxpayers.

Further, the State legislature recognizes that the enactment of chapter

three hundred fourteen of the laws of two thousand three, extending the

oversight capacity of the Nassau county interim finance authority (NIFA)

through calendar year two thousand seven, together with the chapter of

the laws of two thousand three which added this title, offers an

opportunity for NIFA to continue financing the county's tax certiorari

settlements, thereby providing additional budgetary relief and fiscal

stability.