N.Y. Pub. Auth. Law § 3652

§ 3652. Nassau county interim finance authority. 1. There is hereby\ncreated the Nassau county interim finance authority. The authority shall\nbe a corporate governmental agency and instrumentality of the state\nconstituting a public benefit corporation.\n 2. In accordance with the provisions of this title, the authority may\nissue bonds only to finance costs, including the refunding of bonds\nissued by the authority to finance costs, and fund reserves to secure\nsuch bonds.\n 3. The authority shall continue until its oversight, control or other\nresponsibilities, and its liabilities have been met or otherwise\ndischarged. Upon the termination of the existence of the authority, all\nof its rights and property shall pass to and be vested in the county.\n