N.Y. Public Authorities Law § 1832: Termination of the authority

§ 1832. Termination of the authority. The authority and its corporate

existence shall continue until terminated by law, provided, however,

that no such law shall take effect so long as the authority shall have

bonds, notes or other obligations outstanding. Upon termination of the

existence of the authority all its rights, property, assets and funds

shall pass to and be vested in the state. For the purposes of this

section, any appropriation or advance made to the authority by the

state, which has not been repaid, shall not be deemed to be an

outstanding obligation of the authority.