N.Y. PBG Law § 524

§ 524. Town of Islip housing authority. A municipal housing\nauthority, to be known as the town of Islip housing authority is hereby\ncreated and established for the town of Islip in the county of Suffolk,\nfor the accomplishment of any or all of the purposes specified in\narticle eighteen of the constitution of the state of New York. It shall\nconstitute a body corporate and politic, and consist of five members. It\nshall have the powers and duties now or hereafter conferred by this\nchapter upon municipal housing authorities. It shall be organized in the\nmanner prescribed by and be subject to the provisions of this chapter,\nand the authority, its members, officers and employees and its\noperations and activities shall in all respects be governed by the\nprovisions of this chapter. Such authority shall have perpetual\nduration; provided, however, that if at the expiration of ten years\nsubsequent to the time this section as hereby added takes effect there\nshall be outstanding no bonds or other obligations of such authority\ntheretofore issued for any of the purposes authorized in this chapter,\nthen its corporate existence shall thereupon terminate and such\nauthority shall thereupon be deemed to be and shall be dissolved.\n