Apalachicola Water and Sewer District, Franklin County; Creates Apalachicola Water & Sewer District; provides district charter; describes boundaries; provides for district board; provides powers of district & district board; prohibits City of Apalachicola from incurring certain additional obligations or indebtedness; requires city & district to enter into interlocal agreement to effectuate transfer of water & sewer service to district; provides for district to take certain actions if city & district do not enter interlocal agreement; provides for transfer of assets, assumption of all lawful debts & other obligations, & continuation of contracts by district; provides for status of certain employees.