N.Y. Public Authorities Law § 3031: Legislative findings and statement of purposes

* § 3031. Legislative findings and statement of purposes. The

legislature hereby finds and declares that it is necessary for a

municipal assistance corporation to be created to assist the city of New

York in providing essential services to its inhabitants without

interruption and in creating investor confidence in the soundness of the

obligations of such city so that it may retain its ability to sell its

obligations to the public.

The legislature further finds that it is in the interest of the state

of New York and the city of New York that the long-term construction

programs of the New York city transit authority and the New York city

school construction authority continue to be fully funded, and that the

remaining commitments of the municipal assistance corporation for the

city of New York to provide funds for such capital programs be funded

with the proceeds of debt obligations, including securities of the

municipal assistance corporation for the city of New York, provided,

however, that funding for such programs shall to the extent practicable

be provided by the city of New York.

* NB The corporation shall continue for a term ending the later of

July 1, 2008 or one year after its liabilities have been fully paid and

discharged per § 3033 sub 1.