Section 415. Niagara Falls Housing Authority

A  municipal  housing
  authority, to be known as the Niagara Falls Housing Authority, is hereby
  created and established in the city of Niagara Falls in  the  county  of
  Niagara  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.