Sec. 1. Transfer of assets of Brewer Water District. The Brewer Water District shall expeditiously convey, assign and transfer to the City of Brewer, for no consideration:

1. All physical and intangible assets of the Brewer Water District, including all cash, lands, water rights, waters, dams, reservoirs, mains, pipes, service pipes, hydrants, gates, gate- boxes, fixtures, machinery, tools, apparatus, appliances, structures and any other physical element necessary and convenient for providing pure water for domestic, commercial, sanitary and municipal purposes; and

2. All existing contracts or other obligations between the Brewer Water District and any 3rd party. All property, contracts, obligations and franchises of the Brewer Water District must be conveyed subject to all debentures, bonds, mortgages, liens and encumbrances thereon, all of which must be assumed by the City of Brewer.

Sec. 2. Contractual obligations not impaired. In order to avoid any unconstitutional impairment of existing contractual rights, the City of Brewer and, if necessary, the Brewer Water District shall enter into any and all contractual agreements necessary for the City of Brewer to fulfill any contractual obligations of the Brewer Water District, including any existing financial obligations to the Brewer Water District's bondholders.

Sec. 3. Pledge of revenues. In order to carry out the purposes of this Act and notwithstanding the Maine Revised Statutes, Title 30-A, section 5772, the City of Brewer is authorized to issue its notes or bonds in the form of either a general obligation pledge or a revenue pledge, as the municipal officer may determine, to replace or refinance any or all of the existing debts or obligations of the Brewer Water District and is authorized to deliver other instruments evidencing its assumption of the debts, obligations and other liabilities of the Brewer Water District without the need for any further action or approval from the Brewer City Council or the voters of the City of Brewer. Any notes or bonds or other instruments evidencing the city's assumption of the debts, obligations and other liabilities of the Brewer Water District may be issued in the amounts necessary to pay the principal of, premium, if any, and interest on the debts, obligations and other liabilities of the Brewer Water District and may mature up to but not later than the stated maturity date of the debts, obligations and other liabilities of the Brewer Water District.