On the date the interlocal governmental cooperative agreement that established the East Tennessee agribusiness authority is completely terminated in accordance with such agreement and upon the approval of two-thirds (2/3) of such counties so terminating such interlocal governmental cooperative agreement that the assets belonging to the East Tennessee agribusiness authority be transferred to the East Tennessee regional agribusiness marketing authority created under this part, such assets shall be transferred to the East Tennessee regional agribusiness marketing authority. On such date the East Tennessee regional agribusiness marketing authority shall assume all debts of the East Tennessee agribusiness authority and the joint market project created under such interlocal cooperative agreement.