The provisions of this act shall not in any manner affect the rights, liability or right of action, civil or criminal, for or against any municipality in any action commenced before the effective date of this act. The adoption of this act shall not be construed to repeal or in any way affect or modify:

All incomplete proceedings had and taken under any law hereby repealed or amended in the acquisition or improvement of any municipal project, the holding of any election, the creation of any special assessment or other district, the levy and collection of any taxes, special assessments, rates or charges of any sort, or the issuance of any bond or other security appertaining to a municipal project, any contract for the purchase of any such bonds or securities, which proceedings are in substantial compliance herewith, may, at the option of the municipal governing body, be completed hereunder the same as if such incomplete proceedings had been had and taken pursuant to the provisions hereof.