(a) A member municipality may withdraw from membership in the Authority if notification of withdrawal is given more than one year after the member municipality joined such Authority. The withdrawal shall take effect at the end of the first full fiscal year following such notification of withdrawal, such notification to be in the form of a resolution duly adopted by the legislative body of the withdrawing member and delivered to the Board of Commissioners at a regular meeting thereof.

(b) Notwithstanding subsection (a) of this section, upon giving notice as required by subsection (a), a member municipality may withdraw from the Authority after the Authority has voted to bond itself in accordance with the provisions hereof but shall continue to be liable for its share of all existing indebtedness incurred under 24 V.S.A. chapter 53 at the time notice of its withdrawal is given. (Added 1973, No. 122, § 8, eff. Feb. 2, 1973.)