1. The members of the Board of Trustees of the Maine Technical College System shall serve as members of the Board of Trustees of the Maine Community College System until their appointed terms expire.

2. All accrued expenditures, assets, liabilities, balances, allocations, transfers, revenues and all other available funds of the Maine Technical College System are authorized for use by the Maine Community College System.

3. All existing rules, regulations and procedures in effect, in operation or adopted in or by the Maine Technical College System or officers continue in effect until rescinded, revised or amended by the pertinent authority within the Maine Community College System.

4. All existing contracts, agreements, bonds, insurances, leases and compacts currently in effect in the Maine Technical College System continue in effect until rescinded, revised or amended by the pertinent authority within the Maine Community College System.

5. The Maine Community College System shall serve as the successor employer to, and shall assume the obligations of, the Maine Technical College System.

6. All buildings, automobiles, real property, equipment and other property previously belonging to or allocated for the use of the Maine Technical College System become the property of the Maine Community College System.

7. The Maine Community College System succeeds the Maine Technical College System as a recipient of federal vocational funding.

8. All existing forms, licenses, letterheads, signs and similar items bearing the name of or referring to the Maine Technical College System may be utilized by the Maine Community College System until existing supplies of those items are exhausted.

Sec. OO-2. Maine Revised Statutes amended; revision clause. Wherever in the Maine Revised Statutes the words "Maine