[§53-82] Abolition of existing agency. In the event of the abolition of an agency in the county, the county upon such abolition shall succeed to all the powers, rights, duties, functions, funds, properties and obligations of the agency. However, as to any obligations of the agency existing at the time of the abolition, the county shall not incur any greater liability than that of the agency at the time of such abolition. The county shall not be liable for such obligations out of any funds or properties of the county other than those funds and properties which would have been required to be applied to the satisfaction of such obligations had such abolition not occurred.
If any of the obligations of the agency constitute bonds or other indebtedness of the agency, the county shall carry out and perform all promises, covenants, contracts and agreements of the agency contained in such bonds or other indebtedness or in the resolution, trust agreement, mortgage or other proceeding or instrument providing for the issuance, payment and security of such bonds or other indebtedness, and shall maintain such funds and accounts as are required for such purpose or as are required by such bonds, other indebtedness, resolution, trust agreement, mortgage, proceeding or instrument. The provisions of the last paragraph of section 53-85 shall be applicable to such bonds or other indebtedness. [L 1974, c 123, pt of §2]
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