3950 A

The legislature hereby finds and declares that the county of Erie is facing a severe fiscal crisis, and that the crisis cannot be resolved absent assistance from the state. The legislature further finds and declares that maintenance of a balanced budget by the county of Erie is a matter of overriding state concern, requiring the legislature to intervene to provide a means whereby: the long-term fiscal stability of the county will be assured, the confidence of investors in the county's bonds and notes is preserved, and the economy of both the region and the state as a whole is protected.