2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 4-B - Health Care Financing Consolidation Act › 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
the agency and corporation. 1. The  authority  hereby  succeeds  to  the
powers,  duties and functions of each of the agency and the corporation,
each of which shall continue its corporate existence in and through  the
authority.  The agency shall not be deemed to have been terminated under
subdivision eight of section  four  of  section  one  of  chapter  three
hundred ninety-two of the laws of nineteen hundred seventy-three.
2.  The  authority,  subject  to  the  provisions of this title, shall
hereafter possess all the rights,  privileges,  immunities,  powers  and
purposes  of  each  of the agency and the corporation. All the property,
real and personal, including moneys, investments, causes of  action  and
every  other  asset,  of  each  of the agency and the corporation hereby
vests in the authority without further act or deed; and the title to any
real estate, or interest therein, vested in the agency,  corporation  or
authority  shall  not  revert or be in any way impaired by reason of the
succession effected hereby.
3. The authority hereby assumes and is liable for all the  liabilities
and  obligations  of  each  of  the  agency  and the corporation without
further act or deed, including, without limitation,  the  obligation  of
the agency to make payments on its outstanding bonds, and notes or other
obligations.  No  liability or obligation due or to become due, claim or
demand for any cause existing against the  agency  or  the  corporation,
respectively,  or  any  officer  or member thereof, shall be released or
impaired, or in any respect expanded in regard to the source of  payment
thereof  or  otherwise,  by  the succession effected hereby. Neither the
rights of creditors nor any liens upon, or security  interests  in,  the
property  of  the  agency,  the  corporation  or  the authority shall be
impaired by the succession effected hereby.  No  action  or  proceeding,
whether  civil  or  criminal,  pending  by  or against the agency or the
corporation, respectively, or any officer or member thereof, shall abate
or be discontinued  by  the  succession  effected  hereby,  but  may  be
enforced,  prosecuted,  settled or compromised as if such succession had
not occurred, or the authority may be  substituted  in  such  action  or
special  proceeding in place of either the agency or the corporation, as
the case may be.
4. With respect to contracts, agreements, leases,  and  other  similar
arrangements   previously  made  by  and  between  the  agency  and  the
corporation or by and among the agency, the corporation  and  any  other
party,  the  authority  shall,  in  succeeding to the powers, duties and
functions of each of the agency and the  corporation,  perform  all  the
obligations  and  duties  of, and shall have all the rights, powers, and
functions of, each of the agency and the corporation under and  pursuant
to such contracts, agreements, leases or other similar arrangements.
5.  Except  as  provided  in  paragraph (b) of subdivision six of this
section, nothing in this title shall limit or otherwise affect the power
of the authority to issue bonds, notes and other obligations  under  and
pursuant  to  and  in  accordance  with  the terms and conditions of the
dormitory authority act, as amended. In addition, in succeeding  to  the
powers,  duties and functions of the agency, the authority is authorized
to issue bonds, notes and other obligations for any  purpose  for  which
the  agency  has  been  authorized by law to issue bonds, notes or other
obligations, under and pursuant to, in accordance  with  the  terms  and
conditions  of,  and  subject  to the limitations in, the New York state
medical care facilities finance agency act, as  amended  in  the  public
health   law,   the  mental  hygiene  law,  the  facilities  development
corporation act, sections sixteen hundred ninety-nine-h through  sixteen
hundred ninety-nine-j of this act, and any other law.
6.  (a)  The exercise of powers, duties and functions of the agency to
which the authority has  succeeded,  including  without  limitation  the
execution  of  contracts  in  connection therewith, shall be governed by
applicable provisions of the medical care facilities finance agency act.
The exercise of powers, duties and functions of the corporation to which
the  authority has succeeded, including without limitation the execution
of contracts in connection therewith, shall be  governed  by  applicable
provisions of the facilities development corporation act.
(b)  The  financing of any project initiated on or after the effective
date of this  section,  the  entirety  of  which  the  agency  would  be
authorized to undertake by the provisions of the medical care facilities
finance  agency  act  prior to such effective date, shall be governed by
such act.