New York Laws
Title 6 - Albany Municipal Water Finance Authority
1115-E - Water Board.

(b) The water board and its corporate existence shall continue until
terminated by law, provided, however, that no such law shall take effect
so long as the water board shall have contractual duties or obligations
outstanding unless adequate provision has been made for the satisfaction
thereof. Upon termination of the existence of the water board, all of
the rights and properties of the water board then remaining shall pass
to and vest in the city.
6. It is hereby determined and declared that the water board and the
carrying out of its powers and duties are in all respects for the
benefit of the people of the city and the state for the improvement of
their health, welfare and prosperity and that such purposes are public
purposes and that the water board is and will be performing an essential
governmental function in the exercise of the powers conferred upon it by
this title.

Structure New York Laws