§ 415. Niagara Falls Housing Authority. A municipal housing
authority, to be known as the Niagara Falls Housing Authority, is hereby
created and established in the city of Niagara Falls in the county of
Niagara for the accomplishment of any or all of the purposes specified
in article eighteen of the constitution of the state of New York. It
shall constitute a body corporate and politic and consist of five
members. It shall have the powers and duties now or hereafter conferred
by this chapter upon municipal housing authorities. It shall be
organized in the manner prescribed by and subject to the provisions of
this chapter, and the authority, its members, officers and employees and
its operations and activities shall in all respects be governed by the
provisions of this chapter. Such authority shall have perpetual
duration; provided, however, that if, at the expiration of three years
subsequent to the time this section as hereby added takes effect, there
shall be outstanding no bonds or other obligations of such authority
theretofore issued for any of the purposes authorized in this chapter,
then its corporate existence shall thereupon terminate and such
authority shall thereupon be deemed to be and shall be dissolved.