Section 3852. Buffalo fiscal stability authority

1. There is hereby created
  the  Buffalo  fiscal  stability  authority.  The  authority  shall  be a
  corporate  governmental  agency  and  instrumentality   of   the   state
  constituting a public benefit corporation.
    2.  The  authority shall conduct meetings as often as deemed necessary
  to accomplish its purposes, but not less than quarterly during a control
  period, and annually during an advisory period.
    3. The authority shall continue until its control, advisory  or  other
  responsibilities,  and  its  liabilities  have  been  met  or  otherwise
  discharged, which in no event shall be later than  June  thirtieth,  two
  thousand thirty-seven. Upon the termination of the authority, all of its
  property and assets shall pass to and be vested in the city.