160A-850. Effect of merger or dissolution.
(a) Upon adoption of the resolution of transfer and dissolution by the Commission under G.S. 160A-848, all of the following shall apply on the effective date set forth in the resolution of transfer and dissolution:
(1) All property, real, personal, and mixed, including accounts receivable, belonging to the dissolving city shall be transferred, disposed of, or otherwise accounted for as provided in the resolution of transfer and dissolution.
(2) All judgments, liens, rights of liens, and causes of action of any nature in favor of the dissolving city shall vest in and remain and inure to the benefit of the local government partner as provided in the resolution of transfer and dissolution.
(3) All taxes, assessments, sewer charges, and any other debts, charges, or fees owing to the dissolving city shall be owed to and collected as provided in the resolution of transfer and dissolution.
(4) All actions, suits, and proceedings pending against, or having been instituted by the dissolving city shall not be abated by merger, but all such actions, suits, and proceedings may be continued and completed in the manner stated in the resolution of transfer and dissolution if that resolution states which local government partner shall be a party to all such actions, suits, and proceedings in the place and stead of the dissolving city. No new process is required to be served in any such action, suit, or proceeding.
(5) All obligations of the dissolving city, including outstanding indebtedness, shall be assumed as provided in the resolution of transfer and dissolution, and all such obligations and outstanding indebtedness shall constitute obligations and indebtedness as provided in the resolution of transfer and dissolution.
(6) All ordinances, regulations, and policies of the dissolving city shall be void on the effective date of the dissolution.
(7) The dissolving city shall be abolished and shall no longer be constituted a public body or a body politic and corporate, except for purposes of carrying into effect the provisions and intent of this section.
(b) The Commission is authorized to take the actions and execute the documents necessary to effectuate the provisions and intent of this section.
(c) As used in this section, "dissolving city" shall mean a city dissolved by resolution of transfer and dissolution under G.S. 160A-848.