(1) The county must assume and agree to provide for the payment of all of the indebtedness of the county ferry district, including the payment and retirement of outstanding general obligation and revenue bonds issued by the county ferry district. Until the indebtedness of a county ferry district assumed by a county under this chapter has been discharged, all property within the boundaries of the county ferry district and the owners and occupants of that property continue to be liable for taxes, special assessments, and other charges legally pledged to pay the indebtedness of the county ferry district. The county must assume the obligation of causing the payment of such indebtedness, collecting such taxes, assessments, and charges, and observing and performing the other contractual obligations of the county ferry district. The legislative authority of the county must act in the same manner as the governing body of the county ferry district for the purpose of certifying the amount of any property tax to be levied and collected therein, and may cause service and other charges and assessments to be collected from such property or owners or occupants thereof, enforce such collection, and perform all acts necessary to ensure performance of the contractual obligations of the county ferry district in the same manner and by the same means as if the property of the county ferry district had not been acquired by the county.

(2) When a county assumes the obligation of paying indebtedness of a county ferry district and if property taxes or assessments have been levied and service and other charges have accrued for such purpose but have not been collected by the county ferry district prior to such assumption, the same when collected must belong and be paid to the county and be used by such county so far as necessary for payment of the indebtedness of the county ferry district existing and unpaid on the date such county assumed that indebtedness. Any funds received by the county that have been collected for the purpose of paying any bonded or other indebtedness of the county ferry district must be used for the purpose for which they were collected and for no other purpose until such indebtedness has been paid and retired or adequate provision has been made for such payment and retirement. Any funds remaining after the payment and retirement of such indebtedness must be used solely for carrying out the rights, powers, functions, and obligations of the county ferry district assumed by the county. The transfer of property as provided in this chapter does not derogate from the claims or rights of the creditors of the county ferry district or impair the ability of the county ferry district to respond to its debts and obligations.