Whenever the board finds and determines that:
(a) The Southern California Rapid Transit District is willing to annex the territory comprising the district;
(b) The annexing district has adequate facilities for and is able to supply transit service to the district in a manner equal to or superior to that presently rendered by the district;
(c) Annexation will not result in assumption of financial obligations by the taxpayers of the district disproportionate to the services which they will receive; the board shall thereafter negotiate an agreement with the annexing district specifying the terms and conditions of annexation and such other matters as are necessary and incidental thereto.
(Added by Stats. 1966, 1st Ex. Sess., Ch. 102.)