DISTRICTS ‑- FIRE PROTECTION ‑- ANNEXATION OF A PORTION THEREOF ‑- OUTSTANDING INDEBTEDNESS Where a portion of a fire protection district is annexed to a city or town, the property located in the area annexed remains subject to tax levies for payment of outstanding indebtedness (bonded or otherwise) of the district existing at the time of annexation unless the city or town elects to assume said indebtedness.