§ 2 — Declaration of policy and statement of purposes

New York § 2

• Jurisdiction: New York
• Law NYP: NYS Project Finance Agency Act7/75

Text

§ 2. Declaration of policy and statement of purposes.\n The legislature has heretofore created the New York state urban\ndevelopment corporation to engage in the construction of projects to\nfulfill essential public purposes which are necessary for the health,\nsafety and welfare of the people of this state, as found by the\nlegislature in section two of the New York state urban development\ncorporation act.\n In order to assist in the completion of projects to which the\ncorporation is contractually obligated, to provide for the orderly\nmarketing of obligations to finance such completion, and to provide for\nthe orderly payment of debt service of the corporation, it is hereby\nfound and declared that a separate corporate governmental agency, to be\nknown as the "New York state project finance agency," should be created\nas a single purpose agency to provide long-term financing to the New\nYork state urban development corporation, by acquiring funds from\nappropriations by the state and from sale of its notes and bonds.\n It is hereby declared that the aforementioned purposes are public uses\nand public purposes for which public money may be loaned and tax\nexemptions granted, and that the powers and duties of the New York state\nproject finance agency, as hereinafter prescribed are necessary and\nproper for the purpose of achieving the ends here recited.\n