New York Laws
Title 3 - Municipal Assistance Corporation for the City of New York
3035 - Exchange of Notes or Bonds of the Corporation for Short-Term Obligations of the City.

(b) Upon or at any time after receipt of the short-term obligations of
the city exchanged in accordance with subdivision one hereof the
corporation may exchange any or all of such short-term obligations for
other short-term obligations issued by the city pursuant to the local
finance law and the corporation may exchange any or all of such bond
anticipation notes included in such short-term obligations for bonds of
the city issued pursuant to the local finance law, all on such terms and
conditions as the corporation may deem proper.
3. The corporation shall not exchange any of its bonds or notes for
short-term obligations of the city pursuant to subdivision one hereof
unless (a) the city shall have agreed to observe the conditions set
forth in section three thousand thirty-eight of this chapter, subject to
such modifications as are permitted thereunder and as the corporation
may then approve, and (b) the board of directors of the corporation
shall have determined that the terms of such exchange will not prejudice
the rights of holders of other bonds and notes of the city.
* NB The corporation shall continue for a term ending the later of
July 1, 2008 or one year after its liabilities have been fully paid and
discharged per § 3033 sub 1.