12-3916.   Same; transfer of property; payment ofoutstanding indebtedness; transfer of debt service fund.(a) Subject to the provisions of subsection (b), the books,papers, equipment and other real and personal property belonging to thedepartments consolidated pursuant to this act shall be transferred to and shallbecome the property of the consolidated district, subject to any debts,leases or other obligations that encumber such property.

      (b)   All funds in the treasury of any such fire district on the effectivedate of consolidation may beapplied to the payment of any outstanding indebtedness,including bonded indebtedness, of such fire district, and may betransferred to the treasury of the newly createdconsolidated fire district as determined by the board of countycommissioners. Any debt service fund of such fire district at thetime of consolidation may be transferred to the newly createdconsolidated fire district. Any money transferred from the debtservice fund of the fire district shall be credited to a debt servicefund in the newly created consolidated fire district. The debtservice fund of the newly created consolidated fire district shall be keptseparate from any other debt service fund.

      History:   L. 1996, ch. 226, § 7;L. 2008, ch. 163, § 20; July 1.