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This entry was published on 2014-09-22
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Termination of authority and existence
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 26
§ 2550. Termination of authority and existence. At such time as notes
and bonds of the corporation or notes and bonds of the municipal
assistance corporation for the city of New York, or any combination
thereof, are outstanding in the aggregate principal amount equal to five
hundred twenty million dollars, the purposes for which the corporation
was created shall have been satisfied and the corporation shall not be
authorized to issue any notes or bonds that would cause such aggregate
amount to be exceeded. If the corporation has no notes or bonds
outstanding at such time as its authorization to issue notes or bonds
terminates, the existence of the corporation shall terminate.