Section 1193. Obligations of contracts not impaired

From and after the
  filing with the common council of the city and the secretary of state of
  the state of New York of the certificate of completion of  the  project,
  as  provided  in  section  fourteen  hundred  four  of this chapter, all
  contracts of the city in respect of the existing  sewer  system  or  any
  part thereof shall be binding upon the authority with the same force and
  effect  as  though  such  contracts  had  been  expressly assumed by the
  authority and such contracts shall inure to the benefit of the authority
  with the same force  and  effect  as  though  such  contracts  had  been
  expressly  assigned  to the authority. Moneys to provide for the payment
  of notes, bonds or other obligations issued by the city in  relation  to
  the  existing  sewer  system  or  any  part  thereof,  shall  be raised,
  collected and paid by the city as though this law had not been  enacted,
  and the authority shall not be liable thereon.