2550 - Termination of authority and existence. - New York Statutes

§ 2550. Termination of authority and existence. At such time as notes and bonds of the corporation or notes and bonds of the municipal assistance corporation for the city of New York, or any combination thereof, are outstanding in the aggregate principal amount equal to five hundred twenty million dollars, the purposes for which the corporation was created shall have been satisfied and the corporation shall not be authorized to issue any notes or bonds that would cause such aggregate amount to be exceeded. If the corporation has no notes or bonds outstanding at such time as its authorization to issue notes or bonds terminates, the existence of the corporation shall terminate.