N.Y. NYS Project Finance Agency Act § 2
The legislature has heretofore created the New York state urban development corporation to engage in the construction of projects to fulfill essential public purposes which are necessary for the health, safety and welfare of the people of this state, as found by the legislature in section two of the New York state urban development corporation act.
In order to assist in the completion of projects to which the corporation is contractually obligated, to provide for the orderly marketing of obligations to finance such completion, and to provide for the orderly payment of debt service of the corporation, it is hereby found and declared that a separate corporate governmental agency, to be known as the "New York state project finance agency," should be created as a single purpose agency to provide long-term financing to the New York state urban development corporation, by acquiring funds from appropriations by the state and from sale of its notes and bonds.
It is hereby declared that the aforementioned purposes are public uses and public purposes for which public money may be loaned and tax exemptions granted, and that the powers and duties of the New York state project finance agency, as hereinafter prescribed are necessary and proper for the purpose of achieving the ends here recited.
N.Y. NYS Project Finance Agency Act Law § 2