Section 18-1810. Effect of consolidation

On the first day of the next
  fiscal year succeeding the filing of such certificate in the  office  of
  the  secretary  of  state,  such villages shall be consolidated into one
  village by the name specified in  such  certificate.  Such  new  village
  shall  possess  all the powers, enjoy all the privileges, and be subject
  to all the liabilities, in all respects and for all purposes, as  if  it
  had been originally incorporated under this chapter.
    Such new village shall become the owner of all the property of each of
  the  consolidating  villages,  shall  succeed  to  every right of action
  existing in favor of either of them, and shall  become  liable  for  all
  causes   of   action,  debts  or  obligations  against  either  of  such
  consolidating villages,  and  the  same  may  be  enforced  as  if  such
  liability, debt or obligation had been originally incurred by it; but no
  bonds  shall be issued nor indebtedness incurred, other than for current
  expenses, by either of such consolidating villages between the  time  of
  such  election  and  the time when such consolidation takes effect. Such
  consolidation shall not affect any action  or  proceeding  then  pending
  against  either  of  the  consolidating  villages,  but  such  action or
  proceeding may be prosecuted to final judgment as if such  consolidation
  had  not  taken  place,  except  that  the court in which such action or
  proceeding is pending shall, upon application of the board  of  trustees
  of  the  new  village,  substitute  it  as  a  party  to  the  action or
  proceeding,  and  in  either  case  the  judgment  or  order  shall   be
  enforceable in favor of or against the new village.
    * NB Repealed March 21, 2010