Section 1420-S. Termination of the authority

Whenever all of the bonds
  issued by the authority shall have been redeemed or  canceled,  and  all
  its  liabilities  met  or  discharged,  and  the termination date of its
  corporate existence as set forth in section fourteen hundred twenty-d of
  this title shall have been reached, the authority shall cease  to  exist
  and all rights, titles and interests and all obligations and liabilities
  thereof  vested in or possessed by the authority shall thereupon vest in
  and be possessed by the town of Monroe and the villages  of  Monroe  and
  Harriman.