On the effective merger date: 1) the funds and other assets of the Village of Richford for its General Fund, along with its corresponding liabilities, shall become those of the Town of Richford for its General Fund; 2) the funds and other assets of the Village of Richford for its Highway Account, along with its corresponding liabilities, shall become those of the Town of Richford for its Highway Account; 3) the funds and other assets of the Village of Richford for its Water Department, along with its corresponding liabilities, shall become those of the Town of Richford for its Water Department; 4) the funds and other assets of the Village of Richford for its Sewer Department, along with its corresponding liabilities, shall become those of the Town of Richford for its Sewer Department; and 5) all of the other funds, assets, and liabilities of the Village of Richford, except as herein specifically provided shall become those of the Town of Richford as part of its General Fund and of its general assets and liabilities. (Added 1997, No. M-11 (Adj. Sess.), § 2, eff. Jan. 1, 1999.)