| 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. |