(a) Obtain consent for the consolidation by resolution of the affected city or district prior to calling an election; or
(b) Comply with the formation procedures set forth in ORS 450.600 and satisfy the requirements of ORS 450.787.
(2) If the consolidation is approved, the governing bodies of the affected entities and officers of the consolidating entities shall turn over to the board of the successor authority all funds, property, contracts and records of the consolidating entities. Upon the effective date of the consolidation, the successor joint authority shall:
(a) Succeed to and hold the property, contracts, rights and powers of the consolidating entities with respect to water-related services 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 the uncollected taxes, assessments or charges levied by the consolidating entities 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 legal or contractual obligations of the consolidating entities. [1997 c.590 §6]
Note: 450.607 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 450 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.