All real and personal property belonging to each municipality so consolidated, and all its notes, bonds, obligations, accounts, demands, evidences of debt, rights and franchises, books, records, maps and plats shall become the property of the consolidated municipal corporation. Each municipality as it existed before consolidation shall remain liable for all its obligations and outstanding indebtedness which are due or become due on the day of the election on consolidation, and the property within such municipality shall be assessed to pay the obligations and indebtedness in the same manner as if a consolidation had not taken place. In no event shall the consolidated municipal corporation be liable for obligations existing before consolidation unless expressly provided for by the terms and conditions of consolidation. Laws 1977, c. 256, § 6-104, eff. July 1, 1978.
Oklahoma Legal Code