(2) On and after the effective date of the annexation of territory:
(a) The outstanding indebtedness, bonded or otherwise, of the annexing district and the territory annexed may be allocated pursuant to an approved debt distribution plan.
(b) The territory annexed is subject to the permanent rate limit established, and any local option taxes imposed, by the annexing district. [1971 c.727 §36; 2011 c.369 §3]
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