Section 120. Option

(a)  The  local  governing  body may, at the time of
  granting the consent to incorporation, require an option to purchase the
  system from the corporation or at any  time  shall  have  the  right  to
  purchase  or  acquire  it  by condemnation. The local governing body may
  exercise this option by serving written notice on the  corporation,  not
  less  than  ninety nor more than one hundred eighty days before the date
  of the taking.
    (b) In Suffolk county and Saratoga county,  the  county  sewer  agency
  having  the  prior  consent  of  the local governing body and the county
  legislature or a county district shall have an option  to  purchase  the
  sewer system from the corporation by paying the cost thereof and for all
  additions  and  improvements as certified by the engineer as of the date
  of completion thereof pursuant to section  one  hundred  eighteen,  less
  depreciation  on  a  schedule  initially  agreed  upon but not to exceed
  thirty years, together with the cost of the land and other costs thereof
  as of the date of completion. The said county agency or county  district
  may exercise its option by serving written notice on the corporation not
  less  than  ninety nor more than one hundred eighty days before the date
  of taking. The county agency or county district may, instead  of  making
  any  cash  payment  agreed  or required to be made to the corporation as
  compensation for such sewer system and land, elect to agree to  pay  the
  principal  of  and interest on outstanding bonds and mortgages issued by
  or on  behalf  of  such  corporation,  having  a  principal  amount  not
  exceeding  the  amount  of  such  cash  payment,  as  such principal and
  interest shall become due and payable. In the event  the  county  agency
  does  undertake  to purchase, maintain and operate such sewer system, it
  shall do so at the rates established from time to  time  and  agreed  to
  between  the county agency and the local governing body, with the costs,
  including delinquent accounts, assessed against  the  users  until  such
  time  as  the  sewer  system is included in a sewer district which shall
  maintain and operate the sewer  system.  Notwithstanding  the  foregoing
  provisions,  in Suffolk county and Saratoga county a county district may
  elect to acquire the sewer system, including any and all plant sites and
  other real property pursuant to the provisions  of  the  eminent  domain
  procedure law and in such event the provisions of such law shall apply.