A. A city or town heretofore incorporated desiring to be reincorporated may, upon petition of a majority of its qualified electors to the board of supervisors of the county in which the city or town is situated, by order of the board of county supervisors, be disincorporated and reincorporated by whatever corporate name the petition may designate. In such case, the officers of the city or town, at the date of the disincorporation, shall deliver to the officers of the city or town so incorporated all books, papers, records, money and other property pertaining to the city or town disincorporated, and the city or town incorporated shall be liable for all debts and liabilities of the city or town disincorporated, and shall be entitled to receive all property and rights of action belonging to the disincorporated city or town.

B. The reincorporation of a city or town shall not affect or change title to any property or rights therein, or any tax levy that may have been made, or outstanding certificates of taxes, and the new corporation may issue necessary title papers under tax sales, or other sales, the same as a city or town can do under existing laws.

C. The ordinances and resolutions existing in the city or town at the time the petition is filed shall continue and be in force for sixty days thereafter, unless repealed or changed by the proper authorities of the city or town reincorporated.