Section 203. Existing districts preserved

Districts now existing shall
  continue as now established  and  shall  have  all  the  powers  and  be
  governed  in  the  same  manner  as  provided  in this act for districts
  established pursuant to the provisions of article twelve. In  the  event
  that  any  bonds  shall have been issued by any town prior to the taking
  effect of this act, taxes or assessments shall be levied  and  collected
  for  the  payment  of  the  principal and interest of said bonds as they
  become due pursuant to and in accordance with the statutes and  practice
  relating to such matters in force immediately prior to the time this act
  takes  effect, except as the method of levying such taxes or assessments
  may have been changed in accordance with the provisions of chapter three
  hundred thirty-three of the laws of nineteen  hundred  thirty-four,  and
  the  town  board  shall have all the powers with respect to such matters
  conferred  by  such  statutes  upon  any  commissioners  or   commission
  appointed,  elected,  or  created pursuant to such statutes, or upon the
  town board.