§ 22-29-406 — Power of trustees to convey assets

(a) The board of trustees may convey to another district
all assets of the dissolving district:
(i) If the other district assumes all debts and
obligations of the dissolving district and undertakes to
continue to furnish the service provided by the dissolving
district pursuant to the plan of dissolution and liquidation;
and
(ii) If the written consent of all the known holders
of valid indebtedness against the district has been obtained, or
provision has been made in the plan for payment of the
nonconsenting holders.