Jtdylktuy

I came across this piece of lyrics from a song called "Laura non c'è", and could not decipher it:

Non vorrei che tu fossi un'emergenza

Ma tra bene ed amore c'è

Solo Laura e la mia coscienza

The lyrics may be inaccurate, but I am not sure what c'è in the second line is doing. Could it be correct? If so, what is it referring to?

The second and the third line should be read together in sequence:

Ma tra bene ed amore c'è solo Laura e la mia coscienza

(But between good and love there is only Laura and my conscience)

So c’è refers to Laura which stands (along with my conscience) between good and love, even though, as correctly pointed out by @DaG, the correct form would be ci sono.

Actually I've found another – slightly different – lyrics for the same song here: http://www.angolotesti.it/A/testi_canzoni_antonio_mungari_64702/testo_canzone_laura_non_ce_1111998.html.

In this version, which by the way is what I understood by listening/meaning, the sentence is:

Solo Laura è la mia coscienza

This would mean that this sentence is unlinked to the previous one, and with this logic "c'è" is perfectly correct.
"C'è" can be translated with "there is" with the implied meaning of "there is something". You can consider it as a figure of speech, the implied "something" can (and should) remain untold because love is a very personal thing, therefore there isn't a specific something for everyone, but without any doubt there is something between love and affection.

Ma tra bene ed amore qualcosa c'è

But between good and love there is something

This song is probably not the best example if you're looking for something grammatically accurate: quoting DaG, I'd consider this "c'è" instead of "ci sono" a "poetic license".
A few lines after you can also read "è strano che al suo posto ci sei te" instead of ci sia tu. I wouldn't try to give a particular reason to these sentences other than having the desired number of syllables and rhymes.