New York Laws
Title 3 - Municipal Assistance Corporation for the City of New York
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.