N.Y. Public Authorities Law § 1699-f: Succession by authority to powers, duties and functions of the agency and corporation

§ 1699-f. Succession by authority to powers, duties and functions of

the agency and corporation. 1. The authority hereby succeeds to the

powers, duties and functions of each of the agency and the corporation,

each of which shall continue its corporate existence in and through the

authority. The agency shall not be deemed to have been terminated under

subdivision eight of section four of section one of chapter three

hundred ninety-two of the laws of nineteen hundred seventy-three.

2. The authority, subject to the provisions of this title, shall

hereafter possess all the rights, privileges, immunities, powers and

purposes of each of the agency and the corporation. All the property,

real and personal, including moneys, investments, causes of action and

every other asset, of each of the agency and the corporation hereby

vests in the authority without further act or deed; and the title to any

real estate, or interest therein, vested in the agency, corporation or

authority shall not revert or be in any way impaired by reason of the

succession effected hereby.

3. The authority hereby assumes and is liable for all the liabilities

and obligations of each of the agency and the corporation without

further act or deed, including, without limitation, the obligation of

the agency to make payments on its outstanding bonds, and notes or other

obligations. No liability or obligation due or to become due, claim or

demand for any cause existing against the agency or the corporation,

respectively, or any officer or member thereof, shall be released or

impaired, or in any respect expanded in regard to the source of payment

thereof or otherwise, by the succession effected hereby. Neither the

rights of creditors nor any liens upon, or security interests in, the

property of the agency, the corporation or the authority shall be

impaired by the succession effected hereby. No action or proceeding,

whether civil or criminal, pending by or against the agency or the

corporation, respectively, or any officer or member thereof, shall abate

or be discontinued by the succession effected hereby, but may be

enforced, prosecuted, settled or compromised as if such succession had

not occurred, or the authority may be substituted in such action or

special proceeding in place of either the agency or the corporation, as

the case may be.

4. With respect to contracts, agreements, leases, and other similar

arrangements previously made by and between the agency and the

corporation or by and among the agency, the corporation and any other

party, the authority shall, in succeeding to the powers, duties and

functions of each of the agency and the corporation, perform all the

obligations and duties of, and shall have all the rights, powers, and

functions of, each of the agency and the corporation under and pursuant

to such contracts, agreements, leases or other similar arrangements.

5. Except as provided in paragraph (b) of subdivision six of this

section, nothing in this title shall limit or otherwise affect the power

of the authority to issue bonds, notes and other obligations under and

pursuant to and in accordance with the terms and conditions of the

dormitory authority act, as amended. In addition, in succeeding to the

powers, duties and functions of the agency, the authority is authorized

to issue bonds, notes and other obligations for any purpose for which

the agency has been authorized by law to issue bonds, notes or other

obligations, under and pursuant to, in accordance with the terms and

conditions of, and subject to the limitations in, the New York state

medical care facilities finance agency act, as amended in the public

health law, the mental hygiene law, the facilities development

corporation act, sections sixteen hundred ninety-nine-h through sixteen

hundred ninety-nine-j of this act, and any other law.

6. (a) The exercise of powers, duties and functions of the agency to

which the authority has succeeded, including without limitation the

execution of contracts in connection therewith, shall be governed by

applicable provisions of the medical care facilities finance agency act.

The exercise of powers, duties and functions of the corporation to which

the authority has succeeded, including without limitation the execution

of contracts in connection therewith, shall be governed by applicable

provisions of the facilities development corporation act.

(b) The financing of any project initiated on or after the effective

date of this section, the entirety of which the agency would be

authorized to undertake by the provisions of the medical care facilities

finance agency act prior to such effective date, shall be governed by

such act.