bonds issued prior to March 12, 1937. Nothing in this chapter shall be deemed in any way to: 1. Alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality, prior to March 12, 1937; 2. Authorize the municipality to alter the terms of any such agreements, or to impair, or to authorize the municipality to impair, the rights and remedies of any creditors of the municipality; or 3. To authorize any municipality to do anything in any manner or for any purpose which would result in the creation or incurring of a debt or indebtedness or the issuance of any instrument which would constitute a bond or debt within the meaning of any provision, limitation, or restriction of the Constitution of North Dakota relating to the creation or incurring of a debt or indebtedness or the issuance of an instrument constituting a bond or a debt.
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