§ 1225-c. Transit construction fund. (a) There is hereby created the
transit construction fund. The fund is a corporate governmental agency
constituting a public benefit corporation. It has the powers and
privileges of a corporation and all of its business shall be transacted,
all funds invested, all warrants for money drawn and payments made, and
all cash and securities and other personal property held under its
corporate name.

(b) The fund shall continue until all its liabilities have been met or
otherwise discharged and until its existence shall have been terminated
by law. Upon the termination of the existence of the fund, all of its
rights and property shall pass to and be vested in the city.