The Authority and its corporate existence shall continue until terminated by law, provided, however, that no such law shall take effect so long as the Authority shall have bonds outstanding, unless adequate provision has been made for the payment thereof. Upon making adequate provision for the payment of all outstanding bonds of the Authority, the Authority may merge into the Maryland Environmental Service, with the consent of the Maryland Environmental Service and the approval of the Governor, by filing a statement of merger with the Secretary of State and the Department of Legislative Services. Upon termination of the existence of the Authority, all its rights and properties shall pass to and be vested in the State for such distribution as may be provided for in contracts between the Authority and the participating counties and in the statement of merger, if any.