§ 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.