§ 2533. Legislative findings and declaration of purposes. The
legislature hereby finds and declares that the city of New York is faced
with a grave and unprecedented fiscal crisis which threatens the city's
ability to provide essential services and thereby endangers the welfare
of all the inhabitants of such city. This crisis has been caused by a
heightened demand for such services at a time of a sharp increase in the
cost thereof. Accordingly, the legislature hereby further finds and
declares that it is necessary for a corporation to be created to assist
such city to enable it to provide such essential services during the
nineteen hundred seventy-three--nineteen hundred seventy-four and
nineteen hundred seventy-four--nineteen hundred seventy-five fiscal
years of such city on a sound financial basis.