N.Y. Public Housing Law § 57: Dissolution of authorities

§ 57. Dissolution of authorities. An authority or the municipality

may apply to the supreme court in any county in which the municipality

or any part thereof is located, for an order dissolving the authority.

The court thereupon shall hold a hearing in open court after such notice

of hearing as the court may require. Upon a showing to the satisfaction

of the court that provision has been made for the payment or

satisfaction of all of the outstanding obligations of the authority and

for the necessary expenses for the liquidation thereof, the court may

order that the authority be dissolved. Upon such dissolution the

property of the authority shall be and become the property of the

municipality.