(1) If a commission is in existence at the time a bond issue is authorized, the commission and its successors shall continue any work provided for in KRS 98.040 to 98.170, and shall have all the rights granted to the commission in the first instance. All of it s property of every kind shall be vested in it as a corporation and the corporation shall be a continuance of the corporation then existing under any former act of the general assembly theretofore passed. (2) If no commission exists at the time any bond i ssue is authorized, a new commission may be appointed and the provisions of KRS 98.040 to 98.170 shall apply to each new issue of bonds and to each new commission and the continuance of the work of the commission and to the carrying out of the work of KRS 98.040 to 98.170, the same as in the first instance.
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