N.Y. PBA Law § 3031

* § 3031. Legislative findings and statement of purposes. The\nlegislature hereby finds and declares that it is necessary for a\nmunicipal assistance corporation to be created to assist the city of New\nYork in providing essential services to its inhabitants without\ninterruption and in creating investor confidence in the soundness of the\nobligations of such city so that it may retain its ability to sell its\nobligations to the public.\n The legislature further finds that it is in the interest of the state\nof New York and the city of New York that the long-term construction\nprograms of the New York city transit authority and the New York city\nschool construction authority continue to be fully funded, and that the\nremaining commitments of the municipal assistance corporation for the\ncity of New York to provide funds for such capital programs be funded\nwith the proceeds of debt obligations, including securities of the\nmunicipal assistance corporation for the city of New York, provided,\nhowever, that funding for such programs shall to the extent practicable\nbe provided by the city of New York.\n * NB The corporation shall continue for a term ending the later of\nJuly 1, 2008 or one year after its liabilities have been fully paid and\ndischarged per § 3033 sub 1.\n