Nothing in this act, nor the repeal of any law or part of a law by this act, shall affect the validity of any obligation or contract incurred, or proceedings begun, or any official actions taken, or any rights accrued, before this act becomes effective. The payment of bonds and other obligations outstanding when this act becomes effective shall be governed by the laws under which such bonds were issued or such obligations were incurred.
Laws 1965, c. 396, § 1308.