§ 450. Saratoga Springs Housing Authority. A municipal housing
authority, to be known as the Saratoga Springs Housing Authority, is
hereby created and established for the city of Saratoga Springs in the
county of Saratoga 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 five 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.