Section 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.