In some jurisdictions that would be a scooter (motorcycle), In Kentucky you can register it as a moped... http://www.moped2.org/laws/Kentucky.htm
In the wiki there is a lot of info on resurrecting mopeds. Read it.
For a scooter it is an ok one, but parts are a bit rarish.
You can if you look hard find a Towny User Manual and Service manual.
I would be guessing your carburetor is gunked up, with a bad needle valve and float if it is spewing fuel. A QT50 manual (yamahopper) will be helpful, although there are differences. The theory will be similar.
I have a pdf copy of the towny service manual, but I do not remember where I got it.... must have been online after a google search. (edited)