(1) Notwithstanding ORS 294.305 to 294.565 and 310.010 to 310.110, if the charter for a city-county is approved under ORS 199.740 (1) and the effective date of such charter is other than the date of the beginning of the fiscal year immediately following the fiscal year in progress on the effective date of such charter, during the remainder of the fiscal year in progress on the effective date of such charter the city-county shall expend moneys and levy taxes in accordance with the budgets prepared and adopted by each of the municipal corporations consolidated, merged or dissolved in the formation of the city-county pursuant to such charter, as if such charter had not taken effect. For the purposes of this section, the city-county shall be considered to be a continuation of each municipal corporation consolidated, merged or dissolved in the formation of the city-county.
(2) As used in subsection (1) of this section:
(a) “Fiscal year” has the meaning given that term in ORS 294.311.
(b) “Municipal corporation” has the meaning given that term in ORS 294.311.