§ 120. Option. (a) The local governing body may, at the time of
granting the consent to incorporation, require an option to purchase the
system from the corporation or at any time shall have the right to
purchase or acquire it by condemnation. The local governing body may
exercise this option by serving written notice on the corporation, not
less than ninety nor more than one hundred eighty days before the date
of the taking.

(b) In Suffolk county and Saratoga county, the county sewer agency
having the prior consent of the local governing body and the county
legislature or a county district shall have an option to purchase the
sewer system from the corporation by paying the cost thereof and for all
additions and improvements as certified by the engineer as of the date
of completion thereof pursuant to section one hundred eighteen, less
depreciation on a schedule initially agreed upon but not to exceed
thirty years, together with the cost of the land and other costs thereof
as of the date of completion. The said county agency or county district
may exercise its option by serving written notice on the corporation not
less than ninety nor more than one hundred eighty days before the date
of taking. The county agency or county district may, instead of making
any cash payment agreed or required to be made to the corporation as
compensation for such sewer system and land, elect to agree to pay the
principal of and interest on outstanding bonds and mortgages issued by
or on behalf of such corporation, having a principal amount not
exceeding the amount of such cash payment, as such principal and
interest shall become due and payable. In the event the county agency
does undertake to purchase, maintain and operate such sewer system, it
shall do so at the rates established from time to time and agreed to
between the county agency and the local governing body, with the costs,
including delinquent accounts, assessed against the users until such
time as the sewer system is included in a sewer district which shall
maintain and operate the sewer system. Notwithstanding the foregoing
provisions, in Suffolk county and Saratoga county a county district may
elect to acquire the sewer system, including any and all plant sites and
other real property pursuant to the provisions of the eminent domain
procedure law and in such event the provisions of such law shall apply.