Section 1621-R. Termination of the authority

Whenever all of the bonds and
  notes issued by the authority shall have been redeemed or cancelled, and
  all its liabilities and duties met or discharged,  and  the  termination
  date of its corporate existence as set forth in section one thousand six
  hundred  twenty-one-c  of  this  title  shall  have  been  reached,  the
  authority shall cease to exist and all rights, title and  interests  and
  all  obligations  and  liabilities thereof vested in or possessed by the
  authority shall thereupon vest in  and  be  possessed  by  the  city  of
  Middletown.