1840-V - Termination of the authority.
§ 1840-v. Termination of the authority. The authority and its corporate existence shall continue until terminated by law, provided, however, that no such law shall take effect so long as the authority shall have bonds, notes or other obligations outstanding. Upon termination of the existence of the authority and unless the board of supervisors of the county of Nassau and the county legislature of the county of Suffolk agree otherwise all its rights, property, assets and funds shall pass to and be vested jointly in the counties of Nassau and Suffolk. For the purposes of this section only, any appropriation or advance made to the authority by the counties, which has not been repaid, shall not be deemed to be an outstanding obligation of the authority.