(a) The area of operation of a regional housing authority may be increased from time to time to include one (1) or more additional contiguous counties not already within a regional housing authority if the governing body of each of the counties then included in the area of operation of the regional housing authority, the commissioners of the regional housing authority, and the governing body of each additional county each adopt a resolution declaring that there is a need for the inclusion of the additional county in the area of operation of the regional housing authority.

(b) Upon the adoption of these resolutions, the county housing authority created for each additional county shall cease to exist except for the purpose of winding up its affairs and executing a deed to the regional housing authority as provided in this section.

(c) The resolution shall not be adopted if there is a county housing authority created for any additional county which has any bonds or notes outstanding unless:

(1) All holders of the bonds and notes consent, in writing, to the substitution of the regional housing authority in lieu of the county housing authority as the obligor on them; and

(2) The commissioners of the county housing authority adopt a resolution consenting to the transfer of all the rights, contracts, obligations, and real and personal property of the county housing authority to the regional housing authority as provided in this section.

(d) When the conditions of subsection (c) of this section are complied with and the area of operation of the regional housing authority is increased to include the additional county, as provided in this section:

(1) All rights, contracts, agreements, obligations, and real and personal property of the county housing authority shall be in the name of and vest in the regional housing authority;

(2) All obligations of the county housing authority shall be the obligations of the regional housing authority; and

(3) All rights and remedies of any person against the county housing authority may be asserted, enforced, and prosecuted against the regional housing authority to the same extent as they might have been asserted, enforced, and prosecuted against the county housing authority.