(b) The authority shall be perpetual in duration, except that if the certificate referred to in paragraph (a) of this subdivision is not filed with the secretary of state 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, and except, further, that the authority and its corporate existence may be terminated by law or by resolution of the town board, 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 vest in the town. In connection with any such termination pursuant to a resolution of the town board, the town supervisor shall, within thirty days of the effective date of such termination, file in the office of the secretary of state a certificate setting forth the name of the authority and the effective date of the termination.
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