(b) The authority shall be perpetual in duration and shall continue until terminated by law, except if the certificate referred to in paragraph (a) of this subdivision is not filed by two or more counties on or before the date specified in such paragraph, then the corporate existence of the authority shall thereupon terminate and it shall be deemed to be and shall be dissolved, provided, however, that no such termination shall take effect so long as the authority shall have bonds or other obligations outstanding unless adequate provision has been made for the payment or satisfaction thereof. Upon any termination of the existence of the authority, all of the rights and properties of the authority then remaining shall pass to and be vested in the participating counties in accordance with such law. 5. It is hereby determined and declared, that the authority and the carrying out of its powers and duties are in all respects for the benefit of the people of the participating counties and the state for the improvement of their health, welfare, and prosperity and that such purposes are public purposes and that the authority is and will be performing an essential governmental function in the exercise of the powers conferred upon it by this title.
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