| A municipality that, pursuant to Title 30-A, section 5403, |
subsection 14 or any other authority, including home rule |
authority, has constructed a sewer system that is composed of one |
or more subsurface wastewater collection, treatment and disposal |
systems shall, after the establishment of a district pursuant to |
this section to serve the area where that sewer system is |
located, sell, transfer and convey to the district by appropriate |
instruments, and the district shall acquire, all properties, |
assets, rights and privileges identified by the municipality as |
related to that sewer system in consideration of the assumption |
by the district of any outstanding debts, obligations and |
liabilities identified by the municipality as related to that |
sewer system, including, without limitation, any outstanding |
notes or bonds identified by the municipality as related to that |
sewer system that are due on or after the date of the transfer of |
the sewer system.__If any debts, obligations, notes or bonds |
identified by the municipality are not assumable, the district is |
obligated for their repayment.__The municipality shall identify |
to the board in the application submitted pursuant to section |
1101 all properties, assets, rights, privileges, debts, |
obligations and liabilities related to the sewer system that are |
required to be transferred to or assumed by the district under |
this section. |