1. There is hereby created the Nassau county interim finance authority. The authority shall be a corporate governmental agency and instrumentality of the state constituting a public benefit corporation.\n2. In accordance with the provisions of this title, the authority may issue bonds only to finance costs, including the refunding of bonds issued by the authority to finance costs, and fund reserves to secure such bonds.\n3. The authority shall continue until its oversight, control or other responsibilities, and 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 county.
New York Legal Code