Section 79-J. Debts of towns and districts

1. Unless the proposition for
  consolidation  shall  specify  otherwise,  the  outstanding  debts   and
  obligations of the several towns shall be assumed by the new town and be
  a  charge  upon  the  taxable  property within the limits of the several
  towns in the same manner as other general town or part town charges,  as
  the case may be. The new town shall have all powers with respect to such
  debts and obligations as the several towns would have had, including the
  power  to  issue  bonds  to redeem bond anticipation notes issued by the
  several towns.
    2. All indebtedness incurred  on  behalf  of  special  or  improvement
  districts shall, in any event, remain a charge upon the real property in
  each such district.
    * NB Repealed March 21, 2010