N.Y. Public Authorities Law § 1193: Obligations of contracts not impaired

§ 1193. Obligations of contracts not impaired. From and after the

filing with the common council of the city and the secretary of state of

the state of New York of the certificate of completion of the project,

as provided in section fourteen hundred four of this chapter, all

contracts of the city in respect of the existing sewer system or any

part thereof shall be binding upon the authority with the same force and

effect as though such contracts had been expressly assumed by the

authority and such contracts shall inure to the benefit of the authority

with the same force and effect as though such contracts had been

expressly assigned to the authority. Moneys to provide for the payment

of notes, bonds or other obligations issued by the city in relation to

the existing sewer system or any part thereof, shall be raised,

collected and paid by the city as though this law had not been enacted,

and the authority shall not be liable thereon.