Sec. 11. Political subdivisions in the county are not affected when a first class city becomes a consolidated city, except to the extent that this title limits their functions or transfers them to the consolidated city. Such a political subdivision continues to have:
(1) the power to levy and collect property taxes in furtherance of functions not transferred to the consolidated city; and
(2) if applicable, the power to adopt and enforce ordinances prescribing a penalty for violation.
In addition, an excluded city or included town continues to have the right to receive distributions of revenues collected by the state, in the manner prescribed by statute, including distributions from the motor vehicle highway account, the cigarette tax fund, alcoholic beverage fees, and other tax revenues.