§ 2-A — Legislative declaration of financial emergency

New York § 2-A

• Jurisdiction: New York
• Law FEA: NYS Financial Emergency Act for the city of NY 868/75

Text

* § 2-a. Legislative declaration of financial emergency. The\nlegislature hereby finds and declares that a state of financial\nemergency continues to exist within the city. The legislature further\nfinds and declares that the maintenance by the city of a balanced budget\nin accordance with generally accepted accounting principles and the\ncity's borrowing practices are and will continue to be a matter of\noverriding state concern, and that it is also appropriate and desirable\nfor the legislature to exercise its duty under section twelve of article\neight of the state constitution to restrict the powers of the city to\nprevent abuses in taxation and assessments and in contracting of\nindebtedness by the city.\n * Terminates July 1, 2035 or ... see § 13\n