Such consolidation, or annexation, shall in no wise affect or impair the validity of claim or chose in action existing in favor of or against, any such former city so consolidated or annexed, or any proceeding pending in relation thereto, but such consolidated or annexing city shall collect such claims in favor of such former cities, and shall apply the proceeds to the payment of any just claims against them respectively, and shall when necessary levy and collect taxes against the taxable property within any such former city sufficient to pay all just claims against it.
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