2006 New York Code - Sale Of Property Of Dissolved District And Disposition Of Proceeds.

 
    § 1520. Sale  of  property  of  dissolved  district and disposition of
  proceeds.   1. When a district  is  divided  into  portions,  which  are
  annexed to other districts, its property shall be sold by the supervisor
  of  the  town  or  towns,  within  which its schoolhouse is situated, at
  public auction after at least five days' notice.
    2. Such notice shall be given by posting the same  in  three  or  more
  public  places of the town or towns in which the schoolhouse is situated
  and in one conspicuous place in the district so dissolved.
    3. The supervisor, after deducting the expenses  of  the  sale,  shall
  apply  its  proceeds  to  the  payment of the debts of the district, and
  apportion the residue, if any, among the owners or possessors of taxable
  property in the district, in the ratio of their several  assessments  on
  the  last  corrected  assessment-roll  of  the  towns,  and  pay it over
  accordingly.