N.Y. Pub. Auth. Law § 2799-cc

§ 2799-cc. New York city transitional finance authority. 1. There is\nhereby created the New York city transitional finance authority. The\nauthority shall be a corporate governmental agency constituting a public\nbenefit corporation and an instrumentality of the state.\n 2. In accordance with the provisions of this title, the authority may\nonly finance costs, including the refunding of bonds issued by the\nauthority to finance costs, and fund reserves to secure such bonds.\n 3. The authority shall continue until all its liabilities have been\nmet or otherwise discharged. Upon the termination of the existence of\nthe authority, all of its rights and property shall pass to and be\nvested in the city.\n