Sec. 5. (a) The department of local government finance shall adjust maximum permissible property tax levies, rates, and budgets of units of local government as necessary to account for the town becoming an excluded city.
(b) After December 31, 2026, the town is liable for debt service owed by the consolidated city on December 31, 2026, in the same ratio as the assessed valuation of the property in the town bears to the assessed valuation of all property included in the consolidated city until the particular debt service is satisfied. The town is not liable for debt service issued by the consolidated city after December 31, 2026.