N.Y. Public Authorities Law § 3051: Legislative findings and statement of purposes

§ 3051. 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

Troy 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 Troy that certain capital programs of the

city of Troy be funded, and certain cumulative deficits of the city of

Troy be liquidated, with the proceeds of debt obligations, including

securities of the municipal assistance corporation for the city of Troy.