§ 3850-a. Legislative declaration of need for state intervention. The
legislature hereby finds and declares that the city of Buffalo is facing
a severe fiscal crisis, and that the crisis cannot be resolved absent
assistance from the state. The legislature finds that the city has
repeatedly relied on annual extraordinary increases in state aid to
balance its budget, and that the state cannot continue to take such
extraordinary actions on the city's behalf. The legislature further
finds and declares that maintenance of a balanced budget by the city of
Buffalo is a matter of overriding state concern, requiring the
legislature to intervene to provide a means whereby: the long-term
fiscal stability of the city will be assured, the confidence of
investors in the city's bonds and notes is preserved, and the economy of
both the region and the state as a whole is protected.