RS 1864 - Liabilities and duties; rights, revenues, and resources
Upon the adoption of the resolution provided for in R.S. 38:1863, the consolidated gravity drainage district shall succeed to and become charged with all the liabilities and duties with respect to the assumption of the bonded and other indebtedness, and shall succeed to and be vested with all the rights, revenues, resources, jurisdiction, authority and powers, with respect to the bonded debt and other indebtedness assumed, of the district or districts whose debt shall have been assumed, under and by authority of this Part. The board of commissioners of the consolidated gravity drainage district shall apply the revenues and resources of the district or districts whose bonded and other indebtedness have been assumed to the payment, in principal and interest, of the entire debt assumed. Nothing in this Part contained however shall operate to extinguish the corporate existence of any drainage district or districts, and the district or districts shall continue to exist as a corporate entity until all debts and obligations have been paid.