Section 1699-F. Succession by authority to powers, duties and functions of the agency and corporation

1. The  authority  hereby  succeeds  to  the  powers,  duties and functions of each of the agency and the corporation,
  each of which shall continue its corporate existence in and through  the
  authority.  The agency shall not be deemed to have been terminated under
  subdivision eight of section  four  of  section  one  of  chapter  three
  hundred ninety-two of the laws of nineteen hundred seventy-three.
    2.  The  authority,  subject  to  the  provisions of this title, shall
  hereafter possess all the rights,  privileges,  immunities,  powers  and
  purposes  of  each  of the agency and the corporation. All the property,
  real and personal, including moneys, investments, causes of  action  and
  every  other  asset,  of  each  of the agency and the corporation hereby
  vests in the authority without further act or deed; and the title to any
  real estate, or interest therein, vested in the agency,  corporation  or
  authority  shall  not  revert or be in any way impaired by reason of the
  succession effected hereby.
    3. The authority hereby assumes and is liable for all the  liabilities
  and  obligations  of  each  of  the  agency  and the corporation without
  further act or deed, including, without limitation,  the  obligation  of
  the agency to make payments on its outstanding bonds, and notes or other
  obligations.  No  liability or obligation due or to become due, claim or
  demand for any cause existing against the  agency  or  the  corporation,
  respectively,  or  any  officer  or member thereof, shall be released or
  impaired, or in any respect expanded in regard to the source of  payment
  thereof  or  otherwise,  by  the succession effected hereby. Neither the
  rights of creditors nor any liens upon, or security  interests  in,  the
  property  of  the  agency,  the  corporation  or  the authority shall be
  impaired by the succession effected hereby.  No  action  or  proceeding,
  whether  civil  or  criminal,  pending  by  or against the agency or the
  corporation, respectively, or any officer or member thereof, shall abate
  or be discontinued  by  the  succession  effected  hereby,  but  may  be
  enforced,  prosecuted,  settled or compromised as if such succession had
  not occurred, or the authority may be  substituted  in  such  action  or
  special  proceeding in place of either the agency or the corporation, as
  the case may be.
    4. With respect to contracts, agreements, leases,  and  other  similar
  arrangements   previously  made  by  and  between  the  agency  and  the
  corporation or by and among the agency, the corporation  and  any  other
  party,  the  authority  shall,  in  succeeding to the powers, duties and
  functions of each of the agency and the  corporation,  perform  all  the
  obligations  and  duties  of, and shall have all the rights, powers, and
  functions of, each of the agency and the corporation under and  pursuant
  to such contracts, agreements, leases or other similar arrangements.
    5.  Except  as  provided  in  paragraph (b) of subdivision six of this
  section, nothing in this title shall limit or otherwise affect the power
  of the authority to issue bonds, notes and other obligations  under  and
  pursuant  to  and  in  accordance  with  the terms and conditions of the
  dormitory authority act, as amended. In addition, in succeeding  to  the
  powers,  duties and functions of the agency, the authority is authorized
  to issue bonds, notes and other obligations for any  purpose  for  which
  the  agency  has  been  authorized by law to issue bonds, notes or other
  obligations, under and pursuant to, in accordance  with  the  terms  and
  conditions  of,  and  subject  to the limitations in, the New York state
  medical care facilities finance agency act, as  amended  in  the  public
  health   law,   the  mental  hygiene  law,  the  facilities  development
  corporation act, sections sixteen hundred ninety-nine-h through  sixteen
  hundred ninety-nine-j of this act, and any other law.

    6.  (a)  The exercise of powers, duties and functions of the agency to
  which the authority has  succeeded,  including  without  limitation  the
  execution  of  contracts  in  connection therewith, shall be governed by
  applicable provisions of the medical care facilities finance agency act.
  The exercise of powers, duties and functions of the corporation to which
  the  authority has succeeded, including without limitation the execution
  of contracts in connection therewith, shall be  governed  by  applicable
  provisions of the facilities development corporation act.
    (b)  The  financing of any project initiated on or after the effective
  date of this section which the agency would be authorized  to  undertake
  by  the  provisions  of  the  medical care facilities finance agency act
  prior to such effective date shall be governed by such act.