Section 706. Extension of plan.
The following shall apply:
(1) Notwithstanding the provisions of the act of July 10, 1987 (P.L.246, No.47), known as the Municipalities Financial Recovery Act, to the contrary, a plan adopted for a city under the Municipalities Financial Recovery Act shall continue until an intergovernmental cooperation agreement is entered into by the city and an authority under section 203(d).
(2) The distressed status of a city under the Municipalities Financial Recovery Act shall terminate when an intergovernmental cooperation agreement is entered into by the city and an authority under section 203(d).