After the payment for the acquisition is made to the court or to the municipality: the Commission may take possession of, maintain, and operate a municipally owned water or sewer system; and all properties along the line of any water main or sewer of the municipal system shall stand in the same relation, bear the same benefit assessment, and be subject to the same regulations and penalties as though the municipal system had been constructed and put into operation by the Commission under the provisions of this division. A building or premises properly connected with the acquired municipal system at the time of its purchase is not subject to the connection charge specified under Title 26, Subtitle 3 of this article. If outstanding bonds exist for a municipal system acquired by the Commission: the municipality may use the amount paid by the Commission for the system for the purchase or redemption of any bond or debt that may be outstanding against the system; or the Commission, as a part of the compensation for the system, may assume the payment of any outstanding bond.