Section 411. North Tonawanda Housing Authority

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