(a) Any committee appointed at the suggestion of the assistant judges shall meet and confer with the committee of the town proposing consolidation, and the two committees acting jointly, if they determine that a consolidation would promote the interests of the residents of the areas to be consolidated and that greater governmental efficiency would result, shall draw a detailed plan for a consolidation, setting forth the boundaries of the areas to be consolidated, scheduling and listing land, buildings, and equipment owned by each town which will not be needed after consolidation and placing a fair market value thereon and scheduling and listing land, buildings, and equipment deemed necessary for the areas to be consolidated. They shall also schedule and list the liabilities of each town and draw up a balance sheet showing the true assets and liabilities of the proposed consolidated town taking into consideration the value of the land, buildings, and equipment which will not be needed after consolidation.

(b) Any plan for consolidation may provide for the establishment of one or more of the towns consolidating as a village within the consolidated town, and for the continuance of any zoning ordinances in effect in such town as village ordinances and, in case such town has a bonded debt, for special village tax levies for the payment thereof. Any plan may also provide that school districts within the areas to be consolidated may be established as incorporated school districts within the consolidated town. (Added 1963, No. 146, § 3.)