N.Y. Public Authorities Law § 2550: Termination of authority and existence

§ 2550. Termination of authority and existence. At such time as notes

and bonds of the corporation or notes and bonds of the municipal

assistance corporation for the city of New York, or any combination

thereof, are outstanding in the aggregate principal amount equal to five

hundred twenty million dollars, the purposes for which the corporation

was created shall have been satisfied and the corporation shall not be

authorized to issue any notes or bonds that would cause such aggregate

amount to be exceeded. If the corporation has no notes or bonds

outstanding at such time as its authorization to issue notes or bonds

terminates, the existence of the corporation shall terminate.