SECTION 1. The Ashland Redevelopment Authority established by vote of the Town Meeting on June 23, 2003, Article 18, pursuant to G.L. c. 121B, 4 is hereby dissolved.

SECTION 2. The Town of Ashland shall assume all rights, obligations, contracts, title to property, assets, liabilities, including outstanding litigation, and responsibilities of the Ashland Redevelopment Authority hereinafter called the Authority. All bonded indebtedness of the Authority shall become the responsibility of the Town of Ashland.

All petitions, hearings, actions at law or in equity, or other proceedings pending immediately prior to the effective date of this act before any court of law or any administrative tribunal shall continue unabated as if no dissolution had been effected and shall be the responsibility of the Town of Ashland.

All orders, rules, and regulations duly promulgated by the Authority prior to the effective date of this act shall remain in full force and effect until revised or rescinded in accordance with the law.

All contracts and obligations of the Authority duly in effect immediately prior to the effective date of this Act shall continue in full force and effect and shall be contracts and obligations of the Town of Ashland.

All rights, title, and interest in any real property held in the name of the Authority shall be transferred to the Town of Ashland.

SECTION 3. All books, papers, records, documents, plans, and personal property of any kind in the custody or possession of the Authority immediately prior to the effective date of this act shall be transferred to the custody and control of the Town of Ashland.

SECTION 4. This act shall take effect upon its passage.