A town established under this chapter may organize and conduct its affairs in the same manner as other towns organized and operating under general law.__ The powers and duties of the town are identical to those of other towns under general law.__Upon incorporation, registered voters of the town shall vote to name the town, to elect municipal officers and to establish a seat of government for the town.

§7603.__Municipal services

The county commissioners of a town established under this chapter shall develop a plan to phase out the provision of municipal services to the residents of the previously unorganized areas as authorized under section 7501, except that a town may choose to contract with the county commissioners of the county in which the town is located to continue to provide municipal services to some or all of the previously unorganized areas that constitute the town.__The contracting authority must be granted by the registered voters of the town to the municipal officers at annual meetings.

§7604. Taxation and revenue

The municipal officers of a town established under this chapter have the authority to raise and collect all taxes necessary for the operation of the town and its schools.__ Municipal officials have the authority to allocate and expend all municipal tax revenue raised and collected in the town for the operation of the town's government and schools.

§7605.__Disposition of unorganized territory funds, contingency

and reserve accounts

The county commissioners of the county in which a town established under this chapter is located shall transfer to the town, once the town is incorporated, the balance of funds in the county's unorganized territory fund established under section 7502.__Upon transfer of the funds into the town's general operating account, the town may expend the funds for any services authorized by the town in any area of the town.__ The transferred funds may also be used to reduce the amount to be collected in taxes in the same town during any budget year.

The county commissioners of the county in which a town established under this chapter is located shall transfer to the town, once the town is incorporated, the balance of any contingent account or capital reserve account established by the county under section 7502.__The funds must be transferred into