§ 18-1802 Taxes to pay interest and principal of town highway bonds.
The board of trustees of a village which has had or may hereafter have
its boundaries extended when authorized by a majority vote of the
electors thereof at a referendum duly called therein, in behalf of said
village, may by contract with the town or towns in which said village
lies agree to assume and pay that part of the town taxes to be levied in
future years by such town or towns to pay principal and interest of
obligations sold to improve and pave highways in said town or towns
which taxes will, when levied, become a lien upon property in territory
annexed to said village, and to the extent contracted for, the said
taxes shall be collectible by the town or towns from said village and
become a general village charge, and when said village shall have paid
such part of said town taxes the property in the annexed territory
subject to such levy shall be relieved from paying the part thereof paid
by said village.