§ 203. Existing districts preserved. Districts now existing shall
continue as now established and shall have all the powers and be
governed in the same manner as provided in this act for districts
established pursuant to the provisions of article twelve. In the event
that any bonds shall have been issued by any town prior to the taking
effect of this act, taxes or assessments shall be levied and collected
for the payment of the principal and interest of said bonds as they
become due pursuant to and in accordance with the statutes and practice
relating to such matters in force immediately prior to the time this act
takes effect, except as the method of levying such taxes or assessments
may have been changed in accordance with the provisions of chapter three
hundred thirty-three of the laws of nineteen hundred thirty-four, and
the town board shall have all the powers with respect to such matters
conferred by such statutes upon any commissioners or commission
appointed, elected, or created pursuant to such statutes, or upon the
town board.