NY Pub Auth L § 2431 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 18 - State of New York Municipal Bond Bank Agency Act 2431 - Legislative Findings.

§  2431.  Legislative  findings.  It  is  hereby declared to be in the   public interest and to be the policy of the state to foster and  promote   by  all  reasonable  means the provision of adequate capital markets and   facilities for borrowing money by its  several  municipalities  for  the   financing  of  their  public  improvements  or purposes from proceeds of   bonds or notes issued by  those  municipalities,  and  to  assist  those   municipalities  in  fulfilling  their  needs  for improvements by use of   creation of indebtedness and to the extent possible to reduce  costs  of   indebtedness  to  taxpayers  and residents of the state and to encourage   continued investor interest  in  the  purchase  of  bonds  or  notes  of   municipalities  as  sound and preferred securities for investment. It is   in the public interest and is the policy of the state to  encourage  its   municipalities  to  continue  their  independent  undertakings of public   improvements and purposes and the financing thereof and to  assist  them   therein  by making funds available at reduced interest costs for orderly   financing of public improvements and purposes,  particularly  for  those   municipalities  not  otherwise  able to borrow for those purposes. It is   further declared the state should exercise its power in the interest  of   its   municipalities   to   further  and  implement  those  policies  by   authorizing a state instrumentality to be created as  a  body  corporate   and  politic  to have full powers to borrow money and to issue its bonds   and notes to  make  funds  available  through  the  facilities  of  that   instrumentality  at  reduced  rates  and  on  more  favorable  terms for   borrowing by municipalities through the purchase by that instrumentality   of the bonds or notes of municipalities and by granting broad powers  to   the  instrumentality  to  accomplish  and  to  carry  out  the aforesaid   policies of the state which are in the public interest of the state  and   of  its  taxpayers  and  residents.  It is further declared to be in the   public interest and is the policy of the state that such instrumentality   should so conduct its operations,  including  the  full  utilization  of   existing public corporations, as to provide the lowest rates in terms of   borrowing  to  municipalities  as  is  consistent with a self-supporting   operation with no expectation of subsidization with state funds.It is further declared to be in the public  interest  and  it  is  the   policy  of  the  state  to  provide  a means by which certain cities may   receive moneys to refund certain property  taxes  determined  to  be  in   excess  of  state  constitutional tax limits or to reimburse such cities   for the prior refunding of such taxes.It is further declared to be in the public  interest  and  it  is  the   policy  of the state to provide a means by which certain special program   municipalities may receive moneys for the purpose of paying the cost  of   settling  litigation involving the city school districts of such special   program municipalities and the teachers' unions thereof.It is hereby  further  declared  that  many  municipalities  are  owed   millions  of dollars annually in unpaid property taxes. Such uncollected   taxes adversely impact the municipalities' ability to timely collect the   moneys necessary to meet their operating expenditures  and  provide  for   the delivery of necessary local government services, amplifying the risk   of  future  real  property  tax increases and negatively impacting those   taxpayers who timely remit payment. It is hereby further  declared  that   limited  means  exist  for  municipalities to expedite the collection of   such delinquent taxes and that as  a  result  such  delinquencies  often   remain unpaid thereby creating a lien against the affected real property   and  that  the  sale  of  such  tax  liens will enable municipalities to   expedite the receipt of  anticipated  revenues  and  provide  a  funding   source  which  will  enable municipalities to more effectively carry out   their public purposes. It is further  declared  that  the  state  should   exercise  its  power in the interest of its municipalities to facilitate    the sale and purchase of tax liens by authorizing such  instrumentality,   a  trust  or  other  single  purpose  entity or entities created by such   instrumentality, to have full powers to borrow money and  to  issue  its   bonds, notes, certificates of participation or other obligations to make   funds  available  to  municipalities  through  the  facilities  of  said   instrumentality by the purchase  through  that  instrumentality  of  the   delinquent  tax liens created and held by municipalities and by granting   broad powers to such instrumentality to accomplish and to carry out  the   aforesaid  policies of the state which are in the public interest of the   state and of its taxpayers and residents.It is hereby further found and declared that, on  September  eleventh,   two  thousand  one,  events  occurred  that  resulted  in  dramatic  and   unforeseen negative fiscal changes which affected the state and  certain   municipalities   thereof.   The   impact   of   these  events,  if  left   unremediated, is contrary to the public interest of the state  and  such   municipalities,  and  threatens  a decline in the general prosperity and   economic welfare of the  inhabitants  of  such  municipalities  and  the   people  of  the  state.  Accordingly,  it is a matter of substantial and   imperative state concern that such municipalities not  fail  to  address   local  needs  and  thereby  suffer  adverse  consequences. It is further   declared to be in the public interest and it is the policy of the  state   to provide a means for such municipalities to receive assistance to meet   their  obligations  and  thereby be assisted in relieving the effects of   the negative fiscal  changes  caused  by  the  September  eleventh,  two   thousand one events.It  is  further  declared  to  be in the public interest and it is the   policy of the state to provide a means by which the enlarged city school   district of the city of Troy may receive moneys for the specific  object   and  purpose  of  liquidating  the  projected accumulated deficit in its   general fund at the close of its fiscal year ending June thirtieth,  two   thousand  two, including any budget notes and revenue anticipation notes   which may be a part of the deficit.It is further declared to be in the public  interest  and  it  is  the   policy  of  the  state  to  provide a means by which the Shoreham-Wading   River Central School District may receive moneys for the specific object   and purpose of mitigating the adverse fiscal impact resulting  from  the   loss  to  the district of a significant majority of the taxable property   that it depended on for support of its educational programs.It is further declared to be in the public  interest  and  it  is  the   policy  of  the  state to provide a means by which a municipality in the   state can take advantage of the opportunities for borrowing  to  provide   for   public   improvements   afforded  by  the  American  Recovery  and   Reinvestment  Act  of  2009  and  to  do  so  by  authorizing  a   state   instrumentality  to  borrow  money  and  use  the  proceeds  to purchase   obligations issued by a municipality under  the  American  Recovery  and   Reinvestment Act of 2009, thereby resulting in efficiencies and interest   rate savings to the municipality.It  is  further  declared  to  be in the public interest and it is the   policy of the state to provide a means by which state and  local  first-   responder  public  safety agencies can establish regional communications   capabilities, intended to serve as a part of a  statewide  interoperable   network,  and  to do so by authorizing a state instrumentality to borrow   money  and  use  the  proceeds  to  purchase  obligations  issued  by  a   municipality   to   fund   these  communications  capabilities,  thereby   resulting in savings for taxpayers.