(2) Upon formation of a water authority or a sanitary authority, the districts declared to be dissolved in the petition, resolution or order for formation, either as originally filed or as amended by a local government boundary commission or by a county governing body, are extinguished upon the effective date of the formation of the water authority or the sanitary authority. On the effective date of such formation, the water authority or sanitary authority succeeds to all the assets and becomes charged with all the liabilities, obligations and functions of the districts. The district officers shall forthwith deliver to the water authority or sanitary authority the district assets and records. Uncollected taxes theretofore levied by such districts shall become the property of the water authority or the sanitary authority and be delivered to it by the county treasurer upon collection. [1993 c.577 §11]
Note: 450.722 was added to and made a part of 450.600 to 450.989 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.