Effect of plan of consolidation

(1) The plan of consolidation shall be subordinate in all respects to the contract rights of all holders of any securities or obligations of the municipality outstanding at the effective date of the consolidation. (2) The plan shall be available to the public for inspection and copying. (3) The plan may extend for a period of up to 20 years, except that those provisions necessary for the protection of the holders of any securities or other obligations of any municipalities being consolidated shall extend for such longer time as may be necessary to ensure the payment of the securities and obligations. (4) Any person may enforce the provisions and terms of the plan during the period in which the plan is effective. (5) After the expiration of the period of the plan, the rights, duties and obligations stated in the plan shall be governed by the laws of the State of Utah and not by the plan. (6) The plan shall be effective only if the consolidation is approved by the voters of the respective municipalities to be consolidated.