All bonded indebtedness due or owing by any city or town prior to consolidation shall remain, after consolidation, the debt of that portion of the consolidated city or town comprised within the former limits of the city or town which owed such indebtedness prior to consolidation. No tax shall be levied or collected for the payment of the principal and interest of such indebtedness, except upon and from persons or property residing or situated within the former limits of the town or city owing such indebtedness. The governing body of the consolidated city or town shall make such levies and take such other measures for the payment of the principal and interest out of the property within such limits as it would have been the duty or within the power of the governing body of the city or town owing such indebtedness to do had no such consolidation taken place. If any of the cities or towns consolidated owed any floating indebtedness at the date of consolidation, the governing body of the consolidated city or town shall ascertain the amount of such indebtedness owed by each of said cities or towns prior to consolidation and, at the next annual levy of taxes succeeding consolidation, shall make a special levy upon property situated within the former limits of the city or town owing such indebtedness sufficient for the payment of the same. The terms of consolidation may make other provisions for said bonded or floating indebtedness. Any such bonded indebtedness may be refunded by the consolidated city or town under the provisions of the laws of Colorado existing at the time of such refunding providing for the refunding of bonds of cities and towns.
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