§ 1179. Transfer to authority of city sewer system. Upon the filing by
the authority with the common council of the city and the secretary of
state of the state of New York, of its certificate signed by its
chairman or vice-chairman stating that the project has been completed,
thereupon, and by virtue of this title, the existing sewer system,
together with all contracts, books, maps, plans, papers and records of
whatever description pertaining to subjects or matters relating to the
design, construction, operation and affairs of the existing sewer system
shall be assigned, transferred and dedicated to the use of and be in the
possession of and under the jurisdiction, control and supervision of the
authority and the authority is empowered to take possession thereof for
its uses and purposes. The authority shall thereafter have complete
jurisdiction, control, possession and supervision of the existing sewer
system and of all the facilities in the city for the disposal of sewage
and storm water, and shall continue to exercise such power for a period
of five years and so long thereafter as any of the bonds and liabilities
of the authority shall remain unpaid or shall not have otherwise been
discharged. When all of the bonds and liabilities of the authority shall
have been paid in full or shall have otherwise been discharged and the
authority shall have ceased to exist, the powers, jurisdiction and duty
of the board shall cease and the property and assets acquired or held by
it shall thereafter become the property of, and shall be under the
jurisdiction, control, possession and supervision of, the city.