(1) A petition for merger or consolidation may include a debt distribution plan to be voted upon as a part of the proposal. The plan may provide for any distribution of indebtedness and may require that merging or consolidating districts and any city to be joined to the surviving or successor district remain solely liable for all or any portion of any indebtedness outstanding at the time of the merger or consolidation.
(2) If the merger or consolidation is approved, the district board of the successor or surviving district shall, in accordance with the plan, levy taxes and assessments for the liquidation of any prior existing indebtedness. Such a levy shall be subject to the principal Act of the consolidated or merged district. [1971 c.727 §45; 1983 c.142 §7]
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