N.Y. Public Authorities Law § 2533: Legislative findings and declaration of purposes

§ 2533. Legislative findings and declaration of purposes. The

legislature hereby finds and declares that the city of New York is faced

with a grave and unprecedented fiscal crisis which threatens the city's

ability to provide essential services and thereby endangers the welfare

of all the inhabitants of such city. This crisis has been caused by a

heightened demand for such services at a time of a sharp increase in the

cost thereof. Accordingly, the legislature hereby further finds and

declares that it is necessary for a corporation to be created to assist

such city to enable it to provide such essential services during the

nineteen hundred seventy-three--nineteen hundred seventy-four and

nineteen hundred seventy-four--nineteen hundred seventy-five fiscal

years of such city on a sound financial basis.