(1) Where a subsidiary district is established as provided in § 14-87-107, the indebtedness of the subsidiary district may be refunded in the same manner as is provided for the refunding of the indebtedness of the taxing districts.
(2) The governing body of the taxing district may take up all or a part of the indebtedness of the subsidiary district, including such annual maturities of principal or interest as may be allotable to the lands of the subsidiary district included in the taxing district.
(3) In order to enable the taxing district to pay such indebtedness, it may issue and sell the refunding bonds or certificates of indebtedness either of the taxing or subsidiary district.