§ 2. Declaration of policy and statement of purposes.

The legislature has heretofore created the New York state urban
development corporation to engage in the construction of projects to
fulfill essential public purposes which are necessary for the health,
safety and welfare of the people of this state, as found by the
legislature in section two of the New York state urban development
corporation act.

In order to assist in the completion of projects to which the
corporation is contractually obligated, to provide for the orderly
marketing of obligations to finance such completion, and to provide for
the orderly payment of debt service of the corporation, it is hereby
found and declared that a separate corporate governmental agency, to be
known as the "New York state project finance agency," should be created
as a single purpose agency to provide long-term financing to the New
York state urban development corporation, by acquiring funds from
appropriations by the state and from sale of its notes and bonds.

It is hereby declared that the aforementioned purposes are public uses
and public purposes for which public money may be loaned and tax
exemptions granted, and that the powers and duties of the New York state
project finance agency, as hereinafter prescribed are necessary and
proper for the purpose of achieving the ends here recited.