2006 New York Code - 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.