It is the intention of the Legislature in enacting this part that the Shoals Industrial Development Authority created pursuant to Act 86-244, 1986 Regular Session (Acts 1986, p. 372) and Act 86-231, 1986 Regular Session (Acts 1986, p. 341), continue in existence as the Shoals Economic Development Authority. All assets, property, papers, furniture, equipment, office supplies, bank accounts, investment portfolios, books, and any rights, duties, functions, liabilities, or obligations of the Shoals Industrial Development Authority on July 25, 1995, shall become the property and obligations of the Shoals Economic Development Authority. Persons employed by the Shoals Industrial Development Authority on July 25, 1995, shall become employees of the Shoals Economic Development Authority without any interruption in employment or change in status.
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