N.Y. Pub. Auth. Law § 1622-r

§ 1622-r. Termination of the authority. Whenever all of the bonds and\nnotes issued by the authority shall have been redeemed or cancelled, and\nall its liabilities and duties met or discharged, and the termination\ndate of its corporate existence as set forth in section sixteen hundred\ntwenty-two-c of this title shall have been reached, the authority shall\ncease to exist and all rights, titles and interests and all obligations\nand liabilities thereof vested in or possessed by the authority shall\nthereupon vest in and be possessed by the village of Nyack.\n