§ 1699-F — Succession by authority to powers, duties and functions of the agency and corporation

§ 1699-f. Succession by authority to powers, duties and functions of\nthe agency and corporation. 1. The authority hereby succeeds to the\npowers, duties and functions of each of the agency and the corporation,\neach of which shall continue its corporate existence in and through the\nauthority. The agency shall not be deemed to have been terminated under\nsubdivision eight of section four of section one of chapter three\nhundred ninety-two of the laws of nineteen hundred seventy-three.\n 2. The authority, subject to the provisions of this title, shall\nhereafter possess all the rights, privileges, immunities, powers and\npurposes of each of the agency and the corporation. All the property,\nreal and personal, including moneys, investments, causes of action and\nevery other asset, of each of the agency and the corporation hereby\nvests in the authority without further act or deed; and the title to any\nreal estate, or interest therein, vested in the agency, corporation or\nauthority shall not revert or be in any way impaired by reason of the\nsuccession effected hereby.\n 3. The authority hereby assumes and is liable for all the liabilities\nand obligations of each of the agency and the corporation without\nfurther act or deed, including, without limitation, the obligation of\nthe agency to make payments on its outstanding bonds, and notes or other\nobligations. No liability or obligation due or to become due, claim or\ndemand for any cause existing against the agency or the corporation,\nrespectively, or any officer or member thereof, shall be released or\nimpaired, or in any respect expanded in regard to the source of payment\nthereof or otherwise, by the succession effected hereby. Neither the\nrights of creditors nor any liens upon, or security interests in, the\nproperty of the agency, the corporation or the authority shall be\nimpaired by the succession effected hereby. No action or proceeding,\nwhether civil or criminal, pending by or against the agency or the\ncorporation, respectively, or any officer or member thereof, shall abate\nor be discontinued by the succession effected hereby, but may be\nenforced, prosecuted, settled or compromised as if such succession had\nnot occurred, or the authority may be substituted in such action or\nspecial proceeding in place of either the agency or the corporation, as\nthe case may be.\n 4. With respect to contracts, agreements, leases, and other similar\narrangements previously made by and between the agency and the\ncorporation or by and among the agency, the corporation and any other\nparty, the authority shall, in succeeding to the powers, duties and\nfunctions of each of the agency and the corporation, perform all the\nobligations and duties of, and shall have all the rights, powers, and\nfunctions of, each of the agency and the corporation under and pursuant\nto such contracts, agreements, leases or other similar arrangements.\n 5. Except as provided in paragraph (b) of subdivision six of this\nsection, nothing in this title shall limit or otherwise affect the power\nof the authority to issue bonds, notes and other obligations under and\npursuant to and in accordance with the terms and conditions of the\ndormitory authority act, as amended. In addition, in succeeding to the\npowers, duties and functions of the agency, the authority is authorized\nto issue bonds, notes and other obligations for any purpose for which\nthe agency has been authorized by law to issue bonds, notes or other\nobligations, under and pursuant to, in accordance with the terms and\nconditions of, and subject to the limitations in, the New York state\nmedical care facilities finance agency act, as amended in the public\nhealth law, the mental hygiene law, the facilities development\ncorporation act, sections sixteen hundred ninety-nine-h through sixteen\nhundred ninety-nine-j of this act, and any other law.\n 6. (a) The exercise of powers, duties and functions of the agency to\nwhich the authority has succeeded, including without limitation the\nexecution of contracts in connection therewith, shall be governed by\napplicable provisions of the medical care facilities finance agency act.\nThe exercise of powers, duties and functions of the corporation to which\nthe authority has succeeded, including without limitation the execution\nof contracts in connection therewith, shall be governed by applicable\nprovisions of the facilities development corporation act.\n (b) The financing of any project initiated on or after the effective\ndate of this section, the entirety of which the agency would be\nauthorized to undertake by the provisions of the medical care facilities\nfinance agency act prior to such effective date, shall be governed by\nsuch act.\n