Section 440. Ogdensburg Housing Authority

A municipal housing authority,
  to be known as the Ogdensburg Housing Authority, is hereby  created  and
  established for the city of Ogdensburg in the county of St. Lawrence 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.