N.Y. Public Authorities Law § 3652: Nassau county interim finance authority

§ 3652. Nassau county interim finance authority. 1. There is hereby

created the Nassau county interim finance authority. The authority shall

be a corporate governmental agency and instrumentality of the state

constituting a public benefit corporation.

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

issue bonds only to 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 its oversight, control or other

responsibilities, and 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 county.