Section 1219. Continuity of jurisdiction

The authority shall be deemed and
  held  to  constitute  a  continuation,  as   to   matters   within   its
  jurisdiction,  of  the  board  of  transportation  for  the  purpose  of
  succession to the rights, powers, duties and obligations of the board of
  transportation transferred to such authority. Upon  the  termination  of
  the agreement of transfer provided for in section eighteen hundred three
  of  this  title or of any renewal thereof, all the rights and properties
  of the authority shall pass to the city and the city  shall  succeed  to
  the rights, powers, duties and obligations of the authority.