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It is the intent of the general assembly to preserve the rights and privileges of holders of outstanding county bonds and other indebtedness. The respective counties shall continue to be liable upon all outstanding bonds and other indebtedness for which they were liable prior to May 11, 1978, and nothing in this chapter and chapters 1 and 6 of this title shall be construed to abolish, limit or abrogate any rights or privileges heretofore existing in any holders of such outstanding bonds or indebtedness.
With respect to county bonds and other indebtedness, the county mayor established by this chapter and chapters 1 and 6 of this title shall succeed to all rights and duties heretofore existing as to any officers whose functions are assumed in whole or part by the county mayor pursuant to this chapter and chapters 1 and 6 of this title. Likewise with respect to county bonds and other indebtedness, the county legislative body established by this chapter and chapters 1 and 6 of this title shall succeed to all rights and duties heretofore existing as to any entities whose functions are assumed in whole or part by the county legislative body pursuant to this chapter and chapters 1 and 6 of this title.