The property belonging to the dissolved municipality shall be used first to pay its debts and liabilities, and then disposed of in the manner as a majority of the registered voters of the municipality shall direct in a special election on the question of disposition of property. No dissolution of an incorporated municipality shall impair the rights of any person in any contract or agreement to which the municipality is a party.
Laws 1977, c. 256, § 7-103, eff. July 1, 1978.