Upon April 4, 2001, the utility district shall: (1) Succeed to and become subject to the utility bond obligations heretofore imposed by any security interest or trust instrument upon the Pascoag fire district; and (2) Succeed to the precise position of Pascoag fire district, without any waiver or augmentation of that position whatsoever, as to each wholesale power purchase or power sales agreement heretofore entered into by the fire district, that position to include such rights, claims or defenses as Pascoag fire district may have had prior to April 4, 2001 with respect to any obligation of any such contract.
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