N.Y. Public Authorities Law § 2799-cc: New York city transitional finance authority

§ 2799-cc. New York city transitional finance authority. 1. There is

hereby created the New York city transitional finance authority. The

authority shall be a corporate governmental agency constituting a public

benefit corporation and an instrumentality of the state.

2. In accordance with the provisions of this title, the authority may

only finance costs, including the refunding of bonds issued by the

authority to finance costs, and fund reserves to secure such bonds.

3. The authority shall continue until all its liabilities have been

met or otherwise discharged. Upon the termination of the existence of

the authority, all of its rights and property shall pass to and be

vested in the city.