7-33-2129. Annexation of rural fire district property by municipality -- responsibility for debt. (1) If a municipality annexes property from a rural fire district, the annexed property is liable for any bonded debt of the rural fire district or for secured debt incurred by the district for the purchase of real or personal property existing as of the date the annexation proceeding was commenced to the same extent as it would have been liable if not withdrawn.

(2) A municipality shall:

(a) offset the municipal mills levied on the annexed property by the mills levied on the property for bonded or secured debt; or

(b) annually appropriate funds to the rural fire district in an amount equal to the mills levied on the annexed property for bonded or secured debt.