§ 2431 — Legislative findings

§ 2431. Legislative findings. It is hereby declared to be in the\npublic interest and to be the policy of the state to foster and promote\nby all reasonable means the provision of adequate capital markets and\nfacilities for borrowing money by its several municipalities for the\nfinancing of their public improvements or purposes from proceeds of\nbonds or notes issued by those municipalities, and to assist those\nmunicipalities in fulfilling their needs for improvements by use of\ncreation of indebtedness and to the extent possible to reduce costs of\nindebtedness to taxpayers and residents of the state and to encourage\ncontinued investor interest in the purchase of bonds or notes of\nmunicipalities as sound and preferred securities for investment. It is\nin the public interest and is the policy of the state to encourage its\nmunicipalities to continue their independent undertakings of public\nimprovements and purposes and the financing thereof and to assist them\ntherein by making funds available at reduced interest costs for orderly\nfinancing of public improvements and purposes, particularly for those\nmunicipalities not otherwise able to borrow for those purposes. It is\nfurther declared the state should exercise its power in the interest of\nits municipalities to further and implement those policies by\nauthorizing a state instrumentality to be created as a body corporate\nand politic to have full powers to borrow money and to issue its bonds\nand notes to make funds available through the facilities of that\ninstrumentality at reduced rates and on more favorable terms for\nborrowing by municipalities through the purchase by that instrumentality\nof the bonds or notes of municipalities and by granting broad powers to\nthe instrumentality to accomplish and to carry out the aforesaid\npolicies of the state which are in the public interest of the state and\nof its taxpayers and residents. It is further declared to be in the\npublic interest and is the policy of the state that such instrumentality\nshould so conduct its operations, including the full utilization of\nexisting public corporations, as to provide the lowest rates in terms of\nborrowing to municipalities as is consistent with a self-supporting\noperation with no expectation of subsidization with state funds.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which certain cities may\nreceive moneys to refund certain property taxes determined to be in\nexcess of state constitutional tax limits or to reimburse such cities\nfor the prior refunding of such taxes.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which certain special program\nmunicipalities may receive moneys for the purpose of paying the cost of\nsettling litigation involving the city school districts of such special\nprogram municipalities and the teachers' unions thereof.\n It is hereby further declared that many municipalities are owed\nmillions of dollars annually in unpaid property taxes. Such uncollected\ntaxes adversely impact the municipalities' ability to timely collect the\nmoneys necessary to meet their operating expenditures and provide for\nthe delivery of necessary local government services, amplifying the risk\nof future real property tax increases and negatively impacting those\ntaxpayers who timely remit payment. It is hereby further declared that\nlimited means exist for municipalities to expedite the collection of\nsuch delinquent taxes and that as a result such delinquencies often\nremain unpaid thereby creating a lien against the affected real property\nand that the sale of such tax liens will enable municipalities to\nexpedite the receipt of anticipated revenues and provide a funding\nsource which will enable municipalities to more effectively carry out\ntheir public purposes. It is further declared that the state should\nexercise its power in the interest of its municipalities to facilitate\nthe sale and purchase of tax liens by authorizing such instrumentality,\na trust or other single purpose entity or entities created by such\ninstrumentality, to have full powers to borrow money and to issue its\nbonds, notes, certificates of participation or other obligations to make\nfunds available to municipalities through the facilities of said\ninstrumentality by the purchase through that instrumentality of the\ndelinquent tax liens created and held by municipalities and by granting\nbroad powers to such instrumentality to accomplish and to carry out the\naforesaid policies of the state which are in the public interest of the\nstate and of its taxpayers and residents.\n It is hereby further found and declared that, on September eleventh,\ntwo thousand one, events occurred that resulted in dramatic and\nunforeseen negative fiscal changes which affected the state and certain\nmunicipalities thereof. The impact of these events, if left\nunremediated, is contrary to the public interest of the state and such\nmunicipalities, and threatens a decline in the general prosperity and\neconomic welfare of the inhabitants of such municipalities and the\npeople of the state. Accordingly, it is a matter of substantial and\nimperative state concern that such municipalities not fail to address\nlocal needs and thereby suffer adverse consequences. It is further\ndeclared to be in the public interest and it is the policy of the state\nto provide a means for such municipalities to receive assistance to meet\ntheir obligations and thereby be assisted in relieving the effects of\nthe negative fiscal changes caused by the September eleventh, two\nthousand one events.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which the enlarged city school\ndistrict of the city of Troy may receive moneys for the specific object\nand purpose of liquidating the projected accumulated deficit in its\ngeneral fund at the close of its fiscal year ending June thirtieth, two\nthousand two, including any budget notes and revenue anticipation notes\nwhich may be a part of the deficit.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which the Shoreham-Wading\nRiver Central School District may receive moneys for the specific object\nand purpose of mitigating the adverse fiscal impact resulting from the\nloss to the district of a significant majority of the taxable property\nthat it depended on for support of its educational programs.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which a municipality in the\nstate can take advantage of the opportunities for borrowing to provide\nfor public improvements afforded by the American Recovery and\nReinvestment Act of 2009 and to do so by authorizing a state\ninstrumentality to borrow money and use the proceeds to purchase\nobligations issued by a municipality under the American Recovery and\nReinvestment Act of 2009, thereby resulting in efficiencies and interest\nrate savings to the municipality.\n It is further declared to be in the public interest and it is the\npolicy of the state to provide a means by which state and local first-\nresponder public safety agencies can establish regional communications\ncapabilities, intended to serve as a part of a statewide interoperable\nnetwork, and to do so by authorizing a state instrumentality to borrow\nmoney and use the proceeds to purchase obligations issued by a\nmunicipality to fund these communications capabilities, thereby\nresulting in savings for taxpayers.\n