Section 2533. Legislative findings and declaration of purposes

The
  legislature hereby finds and declares that the city of New York is faced
  with a grave and unprecedented fiscal crisis which threatens the  city's
  ability  to provide essential services and thereby endangers the welfare
  of all the inhabitants of such city. This crisis has been  caused  by  a
  heightened demand for such services at a time of a sharp increase in the
  cost  thereof.  Accordingly,  the  legislature  hereby further finds and
  declares that it is necessary for a corporation to be created to  assist
  such  city  to  enable  it to provide such essential services during the
  nineteen  hundred  seventy-three--nineteen  hundred   seventy-four   and
  nineteen  hundred  seventy-four--nineteen  hundred  seventy-five  fiscal
  years of such city on a sound financial basis.