(B) Conversion of a township park district into a park district operated and maintained under this chapter shall be initiated by a resolution adopted by the board of park commissioners of the park district. Any resolution initiating a conversion shall include the following:

1. (1) The name of the township park district seeking conversion;
2. (2) The name of the proposed park district;
3. (3) An accurate description of the territory to be included in the proposed district;
4. (4) An accurate map or plat of the proposed park district. The resolution may also include a proposed tax levy for the operation and maintenance of the proposed park district. If such a tax levy is proposed, the resolution shall specify the annual rate of the tax, expressed in dollars and cents for each one hundred dollars of valuation and in mills for each dollar of valuation, and shall specify the number of consecutive years the levy will be in effect. The annual rate of such a tax may not be higher than the total combined millage of all levies then in effect for the benefit of the township park district named in the resolution.

(D) The ballot submitted to the electors as provided in division (C) of this section shall contain the following language: "Shall the _______________ (name of the township park district seeking conversion) be converted into a park district to be operated and maintained under Chapter 1545. of the Revised Code under the name of _______________ (name of proposed park district), which park district shall include the following townships and municipal corporations: (Name townships and municipal corporations) Approval of the proposed conversion will result in the termination of all existing tax levies voted for the benefit of _______________ (name of the township park district sought to be converted) and in the levy of a new tax for the operation and maintenance of ______________ (name of proposed park district) at a rate not exceeding _________ (number of mills) mills for each one dollar of valuation, which is _________ (rate expressed in dollars and cents) for each one hundred dollars of valuation, for _____ (number of years the millage is to be imposed) years, commencing on the ______ (year) tax duplicate. "

(E) If the proposed conversion is approved by at least a majority of the electors voting on the proposal, the township park district that seeks conversion shall become a park district subject to Chapter 1545. of the Revised Code effective the first day of January following approval by the voters. The park district shall have the name specified in the resolution, and effective the first day of January following approval by the voters, the following shall occur:

1. (1) The indebtedness of the former township park district shall be assumed by the new park district;
2. (2) All rights, assets, properties, and other interests of the former township park district shall become vested in the new park district, including the rights to any tax revenues previously vested in the former township park district; provided, that all tax levies in excess of the ten mill limitation approved for the benefit of the former township park district shall be removed from the tax lists after the February settlement next succeeding the conversion. Any tax levy approved in connection with the conversion shall be certified as provided in section 5705.25 of the Revised Code.
3. (3) The members of the board of park commissioners of the former township park district shall be the members of the board of park commissioners of the new park district, with all the same powers and duties as if appointed under section 1545.05 of the Revised Code. The term of each such commissioner shall expire on the first day of January of the year following the year in which his term would have expired under section 511.19 of the Revised Code. Thereafter, commissioners shall be appointed pursuant to section 1545.05 of the Revised Code.