Acquisition of Existing Systems, Employees and Debt

No later than thirty

(30)days before the effective date of transfer of operational control from the federal receiver to the Authority, the Authority shall assume in writing from the federal receiver:

(a)all real property under the federal receiver’s administration, and items of property, materials, and supplies under the custody of the federal receiver, including construction work in progress; and

(b)all working capital, cash, accounts payable and receivable, deposits, advances payable and receivable, all books, records and maps, and all other rights, obligations, assets, operational obligations and liabilities, agreements and privileges of the Authority or attributable to the Authority.