(1) After the date of entry of an order by the county board annexing territory to a district, the territory annexed shall become subject to the outstanding indebtedness, bonded or otherwise, of the district in like manner as the territory within the district, unless otherwise provided in a debt distribution plan established under ORS 198.900. (2) On and after the effective date of the annexation of territory: (a) The outstanding indebtedness, bonded or otherwise, of the annexing district and the territory annexed may be allocated pursuant to an approved debt distribution plan. (b) The territory annexed is subject to the permanent rate limit established, and any local option taxes imposed, by the annexing district.
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