ยง 882. Termination of the agency. Whenever all of the bonds or notes
issued by the agency shall have been redeemed or cancelled, and all
straight-lease transactions have been terminated, the agency shall cease
to exist and all rights, titles, and interest and all obligations and
liabilities thereof vested in or possessed by the agency shall thereupon
vest in and be possessed by the municipality.
Structure New York Laws
Article 18-A - Industrial Development
Title 1 - Agencies, Organization and Powers
852 - Policy and Purposes of Article.
856 - Organization of Industrial Development Agencies.
857 - Video Recordings of Open Meetings and Public Hearings.
858 - Purposes and Powers of the Agency.
858-A - Compensation, Procurement and Investment.
858-B - Equal Employment Opportunities.
859-A - Additional Prerequisites to the Provisions of Financial Assistance.
862 - Restrictions on Funds of the Agency.
868 - Agreements of the Municipality and State.
870 - State and Municipality Not Liable on Bonds or Notes.
872 - Bonds and Notes as Legal Investment.
876 - Tax Contract by the State.
878 - Remedies of Bondholders and Noteholders.
880 - Actions Against the Agency.
882 - Termination of the Agency.
886 - Title Not Affected if in Part Unconstitutional or Ineffective.