N.Y. Public Authorities Law § 3850-a: Legislative declaration of need for state intervention

§ 3850-a. Legislative declaration of need for state intervention. The

legislature hereby finds and declares that the city of Buffalo is facing

a severe fiscal crisis, and that the crisis cannot be resolved absent

assistance from the state. The legislature finds that the city has

repeatedly relied on annual extraordinary increases in state aid to

balance its budget, and that the state cannot continue to take such

extraordinary actions on the city's behalf. The legislature further

finds and declares that maintenance of a balanced budget by the city of

Buffalo is a matter of overriding state concern, requiring the

legislature to intervene to provide a means whereby: the long-term

fiscal stability of the city will be assured, the confidence of

investors in the city's bonds and notes is preserved, and the economy of

both the region and the state as a whole is protected.