§ 724 — Governing body agreements

(a) General rule.--Prior to the effective date of a boundary change, an impacted municipality may execute an agreement fully resolving:

(1) Transfers of any funds and indebtedness related to property within the impacted territory.

(2) The sharing of costs associated with the territorial alteration or clarification.

(3) The sharing or division of any tax or fee revenues associated with property within the impacted territory in the year that a territorial alteration occurs.

(4) A resolution of any matters, rights or other issues incident to the transfer of territory.

(b) Exception.--In the event that an agreement under this section is incorporated in an ordinance, sections 725 (relating to adjustment of indebtedness), 726 (relating to judicial adjustment award proceedings), 727 (relating to compensation, expenses and costs), 728 (relating to territory located in multiple counties) and 729 (relating to bond issues) shall not apply.