N.Y. Gen. Mun. Law § 882

§ 882. Termination of the agency. Whenever all of the bonds or notes\nissued by the agency shall have been redeemed or cancelled, and all\nstraight-lease transactions have been terminated, the agency shall cease\nto exist and all rights, titles, and interest and all obligations and\nliabilities thereof vested in or possessed by the agency shall thereupon\nvest in and be possessed by the municipality.\n