N.Y. PBA Law § 2533

§ 2533. Legislative findings and declaration of purposes. The\nlegislature hereby finds and declares that the city of New York is faced\nwith a grave and unprecedented fiscal crisis which threatens the city's\nability to provide essential services and thereby endangers the welfare\nof all the inhabitants of such city. This crisis has been caused by a\nheightened demand for such services at a time of a sharp increase in the\ncost thereof. Accordingly, the legislature hereby further finds and\ndeclares that it is necessary for a corporation to be created to assist\nsuch city to enable it to provide such essential services during the\nnineteen hundred seventy-three--nineteen hundred seventy-four and\nnineteen hundred seventy-four--nineteen hundred seventy-five fiscal\nyears of such city on a sound financial basis.\n