Section 3233. New York local government assistance corporation

1. There is
  hereby created the New York  local  government  assistance  corporation.
  The  corporation shall be a corporate governmental agency constituting a
  public benefit corporation. It shall have 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.
    2.  The  corporation  shall  continue  until  six months after all its
  liabilities have been met or otherwise discharged. Upon the  termination
  of  the  existence  of  the  corporation, all of its rights and property
  shall pass to and be vested in the state.