N.Y. Public Authorities Law 2828 – Termination of public authorities
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§ 2828. Termination of public authorities. Every authority or commission hereafter created by this chapter shall terminate at the end of five years from the date of its creation if at the end of such period it has outstanding no liabilities; provided, however, that any appropriation made to such authority or commission by the state of New York or by any political subdivision thereof shall not be deemed a liability for the purposes of this section.
Terms Used In N.Y. Public Authorities Law 2828
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.