(2) If the consolidation is approved, the authority boards and officers of the consolidating authorities shall turn over to the board of the successor authority all funds, property, contracts and records of the consolidating authorities. Upon the effective date of the consolidation, the successor joint authority shall:
(a) Succeed to all the property, contracts, rights and powers of the consolidating authorities, and shall constitute and be a regularly organized authority as if originally organized in the manner provided by ORS 198.705 to 198.955;
(b) Have the right to receive uncollected taxes, assessments or charges levied by the consolidating authorities and upon collection to credit the taxes, assessments or charges to the account of the successor joint authority; and
(c) Subject to any debt distribution plan adopted under ORS 450.615, become liable for all the obligations, legal or contractual, of the consolidating authorities. [1993 c.577 §2]