Section 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.