N.Y. PBA Law § 2550
This is the official text of N.Y. PBA Law § 2550, part of New York’s PBA Law — part of the compiled statutory law of New York, published by the state as "PBA Law." Browse the sections below, each linked to its official government source.
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Termination of authority and existence
Official statutory text
§ 2550. Termination of authority and existence. At such time as notes\nand bonds of the corporation or notes and bonds of the municipal\nassistance corporation for the city of New York, or any combination\nthereof, are outstanding in the aggregate principal amount equal to five\nhundred twenty million dollars, the purposes for which the corporation\nwas created shall have been satisfied and the corporation shall not be\nauthorized to issue any notes or bonds that would cause such aggregate\namount to be exceeded. If the corporation has no notes or bonds\noutstanding at such time as its authorization to issue notes or bonds\nterminates, the existence of the corporation shall terminate.\n
Status: in_force · Read it on the official government site
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