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This entry was published on 2014-09-22
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Legislative declaration of financial emergency
NYS Financial Emergency Act for the city of NY 868/75 (FEA) CHAPTER 0
* § 2-a. Legislative declaration of financial emergency. The
legislature hereby finds and declares that a state of financial
emergency continues to exist within the city. The legislature further
finds and declares that the maintenance by the city of a balanced budget
in accordance with generally accepted accounting principles and the
city's borrowing practices are and will continue to be a matter of
overriding state concern, and that it is also appropriate and desirable
for the legislature to exercise its duty under section twelve of article
eight of the state constitution to restrict the powers of the city to
prevent abuses in taxation and assessments and in contracting of
indebtedness by the city.

* Terminates July 1, 2008 or ... see § 13