Indiana Code Title 36. Local Government § 36-10-3-28

(1) All powers, duties, and liabilities of the discontinued board or district are transferred to the newly established board or district.

(2) All records and property of each entity, including appropriations and other funds under the control or supervision of the discontinued board or district, are transferred to the newly established board or district.

(3) Any amounts owed to a discontinued board or district before the effective date of the ordinance are considered to be owed to the new board or district.

(4) All powers, duties, and liabilities of a discontinued board or district with respect to bonds issued by that board or district are transferred to the newly established board or district, as the successor board or district.  The rights of the bondholders of a discontinued board or district remain unchanged, although the powers, duties, and liabilities of the entity have been transferred to the new board or district, as the successor board or district, as of the effective date of the ordinance adopted under section 3 or 3.1 of this chapter.