The creation of a consolidated special service district hereunder shall not affect or impair in any manner contract rights enjoyed by the holders of any outstanding bonds or obligations of the underlying districts, and to the extent required by such contract rights, taxes, service charges, and assessments on the property subject to the payment of principal of and interest on such bonds or obligations shall continue to be levied and collected as above provided; however, any consolidated special service district may assume all or any indebtedness of its underlying districts in the manner and with the effect provided by La. Rev. Stat. 39:661 et seq. for the assumption of indebtedness by parishes.

Added by Acts 1975, No. 94, §1.