N.Y. Public Authorities Law 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.
Terms Used In N.Y. Public Authorities Law 3031
- City: means the city of New York. See N.Y. Public Authorities Law 3032
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporate governmental agency created by section three thousand thirty-three of this chapter. See N.Y. Public Authorities Law 3032
- Legislature: means the legislature of the state of New York. See N.Y. Public Authorities Law 3003
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Municipal assistance corporation: means a corporation created pursuant to section three thousand ten of this article. See N.Y. Public Authorities Law 3003
- Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003
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.