All costs and expenses incidental to the consolidation of two or more districts must be borne equally by each of the consolidated districts. All property and money of the districts that have been consolidated become the property of the newly established district. All contracts to which the supervisors of each of the districts consolidated are parties remain in force and effect for the period provided in the contracts and the supervisors of the consolidated district are substituted as parties in the contracts. Supervisors of a consolidated district are entitled to all the benefits and subject to all the liabilities under the contracts and have the same rights as the supervisors of the district that entered the contract would have had if a consolidated district had not been established.