§ 2799-cc. New York city transitional finance authority. 1. There is
hereby created the New York city transitional finance authority. The
authority shall be a corporate governmental agency constituting a public
benefit corporation and an instrumentality of the state.

2. In accordance with the provisions of this title, the authority may
only finance costs, including the refunding of bonds issued by the
authority to finance costs, and fund reserves to secure such bonds.

3. The authority shall continue until all its liabilities have been
met or otherwise discharged. Upon the termination of the existence of
the authority, all of its rights and property shall pass to and be
vested in the city.