Section 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.