N.Y. Pub. Auth. Law § 1694

§ 1694. Termination of authority. 1. The authority shall continue to\noperate and manage each such dormitory until such time as its\nliabilities thereon have been met and the bonds outstanding against such\ndormitory have been paid in full or such liabilities or bonds have\notherwise been discharged. Thereupon, the jurisdiction of the authority\nover such dormitory shall cease and all the real and personal property\nand the title to all of the real and personal property of such dormitory\nvested in the authority shall pass to the state of New York and the\nmanagement and authority shall thereafter be under rules and regulations\nof the commissioner of education approved by the regents.\n 2. The authority and its corporate existence shall continue until\nterminated by law, provided, however, that no such law shall take effect\nso long as the authority shall have bonds, notes and other obligations\noutstanding, unless adequate provision has been made for the payment\nthereof. Upon termination of the existence of the authority, all of its\nrights and properties shall pass to and be vested in the state.\n