N.Y. General Municipal Law § 882: Termination of the agency

§ 882. Termination of the agency. Whenever all of the bonds or notes

issued by the agency shall have been redeemed or cancelled, and all

straight-lease transactions have been terminated, the agency shall cease

to exist and all rights, titles, and interest and all obligations and

liabilities thereof vested in or possessed by the agency shall thereupon

vest in and be possessed by the municipality.