1. (a) Despite the issuance of a certificate of dissolution of a district under section 22 of this chapter, all contracts to which the district is a party remain in force and effect for the period provided in the contracts.

2. (b) The board:

   1. (1) is substituted for the district as party to the contracts;
   2. (2) is entitled to all benefits and subject to all liabilities under the contracts; and

   3. (3) has the same right and obligation under the contracts as the district would have had to:

      1. (A) perform;
      2. (B) require performance;
      3. (C) sue and be sued; and
      4. (D) modify or terminate the contracts by mutual consent or otherwise.

As added by P.L.136-1997, SEC.35.