Upon the merger specified in section 101 of this chapter, all the lands, buildings, easements, funds, uncollected taxes, monies, and other property of the Village of Bradford shall become vested in and become property of the Town of Bradford, and all indebtedness bonded and otherwise of said Village of Bradford shall be assumed by the Town of Bradford, with the exception of bond No. 1996, series 1, 81-0394-01-5, which shall continue to be paid by the Village Special District as set forth in section 206 of this chapter.