(1) Upon the effective date of the annexation to any city, town, or city and county, or the incorporation of any territory included in an authority, upon the certification thereof by the clerk of such municipality, the territory so annexed or incorporated shall be detached from such authority as of the effective date thereof, if such be January 1 of any year; otherwise, such detachment shall take effect on the following January 1, for purposes of general property taxation. Property so detached shall not thereafter be liable for any portion of the outstanding indebtedness of the authority. (2) Upon the annexation or incorporation of fifty percent or more of the area of the territory included in any authority, or upon petition by ten percent of the electors and the approval of a majority of the electors of the authority voting at a special election called for that purpose, pursuant to the applicable provisions of section 30-11-405, any authority formed under this part 4 shall be dissolved effective the following January 1, except that if any indebtedness of the authority is unpaid and outstanding, the authority shall continue in existence for taxation purposes only until all obligations of the authority are paid.
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