(1) The office shall, on and after July 1, 1984, execute, administer, perform, and enforce the rights, powers, duties, functions, and obligations vested in the office of state planning and budgeting as a principal department prior to said date concerning the duties and functions transferred to the office pursuant to this article. On and after July 1, 1984, the officers and employees of the office of state planning and budgeting as a principal department prior to said date whose duties and functions concerned the duties and functions transferred to the office pursuant to this article and whose employment in the office is deemed necessary by the director to carry out the purposes of this article shall be transferred to the office and become employees thereof. Such employees shall retain all rights to the personnel system and retirement benefits pursuant to the laws of this state, and their services shall be deemed to have been continuous. All transfers and any abolishment of positions in the state personnel system shall be made and processed in accordance with state personnel system laws and regulations.

(2) On July 1, 1984, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the office of state planning and budgeting as a principal department prior to said date pertaining to the duties and functions transferred to the office pursuant to this article, are transferred to the office and become the property thereof.

(3) Whenever the office of state planning and budgeting is referred to or designated by a contract or other document in connection with the duties and functions transferred to the office pursuant to this article, such reference or designation shall be deemed to apply to the office created pursuant to this article. All contracts entered into by the office of state planning and budgeting as a principal department prior to July 1, 1984, in connection with the duties and functions transferred to the office pursuant to this article are hereby validated, with the office created by this article succeeding to all the rights and obligations of such contracts. Any appropriations of funds from prior fiscal years open to satisfy obligations incurred pursuant to such contracts are hereby transferred and appropriated to the office created by this article for the payment of such obligations.