Overview
The Erie County Fiscal Stability Authority is a New York State Public Benefit Corporation which was established by the Erie County Stability Authority Act, which was signed into law on July 12, 2005 (Chapter 182 Laws of 2005).
5905 2005-2006 Regular Sessions IN SENATE June 22, 2005
Introduced by Sen. VOLKER -- (at request of the Governor) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the public authorities law and the tax law, in relation to creating the Erie county fiscal stability authority. The People of the State of New York, represented in Senate and Assembly, do enact as follows:
1 Section 1. Legislative findings. The legislature hereby finds and declares that a condition of fiscal stress exists in the county of Erie, as highlighted in recent reports published by the state comptroller and independent bond rating agencies. Such condition has contributed to a loss of confidence by investors in short-term and long-term obligations of the county after repeated downgrades and a current negative outlook of the county's bond ratings, thereby significantly adding to the costs of borrowing borne by the county of Erie taxpayers. It is hereby further found and declared that the continued existence of such condition of fiscal stress is contrary to the public interest of the county and the state and seriously threatens to cause a decline in the general prosperity and economic welfare of the inhabitants of the county and the people of this state. It is in the public interest and is the policy of this state to assist municipalities such as the county of Erie in attempting to provide, without interruption, services essential to their inhabitants while meeting their obligations to the holders of their outstanding securities. The impairment of the credit of the county of Erie may affect the ability of other municipalities in the state to issue their obligations at normal interest rates. Such effect is a matter of state concern. It is hereby further found and declared that intervention to provide enhanced budgetary discipline and short-term budgetary relief is necessary to allow the county to restore enduring fiscal health and the availability of adequate funding for the provision of essential services.