New York Public Authorities Law Section 3850-A - Legislative declaration of need for state intervention.

  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.

Last modified: February 3, 2019