§ 12-101.  The New District to Take Over All Assets and Assume All Liabilities of the Predecessor School District.
   The home rule school district shall:
   (a)   succeed directly the now existing school district for all purposes, including, but not limited to, receipt of all grants, gifts, appropriations, subsidies or other payments;
   (b)   take over from the now existing school district all assets, property, real and personal, tangible and intangible, all easements and all evidences of ownership in part or in whole, and all records, and other evidences pertaining thereto; and
   (c)   assume all debt and other contractual obligations of the now existing school district, any long term debt to be issued, secured and retired in the manner now provided by law.