Section 413. Elmira Housing Authority

A municipal housing authority, to be
  known as the Elmira Housing Authority, is hereby created and established
  for  the  city of Elmira in the county of Chemung for the accomplishment
  of any or all of the purposes  specified  in  article  eighteen  of  the
  constitution  of  the  state  of  New  York.  It shall constitute a body
  corporate and politic and consist of five members.  It  shall  have  the
  powers  and  duties  now  or  hereafter  conferred  by this chapter upon
  municipal housing authorities. It  shall  be  organized  in  the  manner
  prescribed  by  and  subject  to the provisions of this chapter, and the
  authority, its members, officers and employees and  its  operations  and
  activities  shall  in all respects be governed by the provisions of this
  chapter.  Such  authority  shall  have  perpetual  duration;   provided,
  however,  that  if,  at  the expiration of three years subsequent to the
  time  this  section  as  hereby  added  takes  effect,  there  shall  be
  outstanding  no bonds or other obligations of such authority theretofore
  issued for any of the purposes authorized  in  this  chapter,  then  its
  corporate  existence  shall thereupon terminate and such authority shall
  thereupon be deemed to be and shall be dissolved.