1. Whenever any city or town shall become disincorporated by the force of NRS 265.010 to 265.100 , inclusive, the board of county commissioners of the county wherein such city or town is situated shall: (a) Immediately establish a special district identical in boundaries and territory with the disincorporated city or town. (b) Proceed to wind up the affairs of the late corporation. (c) Dispose of its property. (d) Make provision for the payment of all indebtedness thereof and for the performance of its contracts and obligations. (e) Levy such taxes from time to time against the property within such special district as may be requisite therefor. 2. Such taxes shall be collected by the county treasurer like other taxes and paid out under the orders of the board of county commissioners, and any surplus shall be paid into the school fund for the school district where the same is levied and all property remaining shall revert to such school district, which is hereby empowered to enforce all claims and to have the use of all property so vesting. 3. If there shall be any debt or outstanding bonds of any disincorporated city or town the board of county commissioners shall provide for the payment of the principal and interest of the same substantially in the time, manner and form provided by law or ordinance touching the same at the time of disincorporation, substituting the district established in lieu of the city or town disincorporated.
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