N.Y. Public Authorities Law § 1225-c: Transit construction fund

§ 1225-c. Transit construction fund. (a) There is hereby created the

transit construction fund. The fund is a corporate governmental agency

constituting a public benefit corporation. It has the powers and

privileges of a corporation and all of its business shall be transacted,

all funds invested, all warrants for money drawn and payments made, and

all cash and securities and other personal property held under its

corporate name.

(b) The fund shall continue until all its liabilities have been met or

otherwise discharged and until its existence shall have been terminated

by law. Upon the termination of the existence of the fund, all of its

rights and property shall pass to and be vested in the city.