KRS 81.440: Obligations and special taxes are unimpaired.

A merger or consolidation shall not impair contractual obligations of either of the

combined cities. Tax levies authorized for the payment of interest and the retirement of

bonds or to create sinking funds for such purposes shall continue to be levied and

collected over the same area by and for the new governing body in accordance with the

laws under which the levies were originally made until all bonded obligations of the old

city have been retired.