This Comment traces the constitutional history of local finance from the seventeeth century through the present. The authors conclude that the New York City Bar Association Committee on Municipal Affairs' report places the New York State Legislature at a crossroad in its history of dealing with local finances, and the well travelled path of patchwork amendment and politically expedient compromise is unacceptable for the future in light of New York City's recent fiscal problems. However, the authors recognize that the alternative may be politically dangerous to members of the legislature hiding from the challenge and may jeopardize the fiscal stability of New York City and its sister municipalities across New York State.



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