CONTROL BOARD BILL FOR NEW YORK CITY APPROVED IN ALBANY
Legis approves NYC's emergency fiscal legislation, despite warnings from bank execs that they would withdraw from city's $4.5 billion financing pkg unless additional safeguards are enacted to prevent loss of powers by Emergency Financial Control Bd; bill extends life of bd for at least 19 yrs and expands borrowing capacity of Munic Assistance Corp by $3 billion, enabling it to continue to serve as city's chief financing mechanism in next 4 yrs; bill was designed by Gov Carey and Mayor Koch to meet demands from Washington that city produce fiscal pkg before Cong considers Fed loan guarantees deemed vital to its drive toward eventual solvency (M)