2016 New York Laws
LFN - Local Finance
Article 2 - LOCAL INDEBTEDNESS
Title 9 - (120.00 - 126.00) PROCEDURES RELATING TO THE ASCERTAINMENT OF AMOUNTS TO BE INCLUDED OR EXCLUDED IN ASCERTAINING DEBT-CONTRACTING POWER
121.10 - Indebtedness of school districts merged with or annexed to a school district outside of a city.

  121.10 Indebtedness of school districts merged with or annexed to a
  school district outside of a city.  a. In ascertaining the  power  of  a
  school  district, other than a school district in a city, to issue bonds
  or bond anticipation notes, there shall be included the amount of bonded
  indebtedness of a merged or annexed school district as follows:
1. The amount of outstanding bonds  and  bond  anticipation  notes  of
  school  districts  which merged to form such school district, whether or
  not any of such merged school districts, prior to such  merger,  had  an
  aggregate  assessed  valuation  of one hundred thousand dollars or more,
  and whether or not any of such merged school districts still  exist  for
  the purpose of paying off its indebtedness or distributing its property.
2.  The amount of outstanding bonds and bond anticipation notes of any
  school district which was annexed to such school  district,  whether  or
  not  such  annexed  school  district,  prior  to such annexation, had an
  aggregate assessed valuation of one hundred thousand  dollars  or  more,
  and  whether  or  not  such annexed school district still exists for the
  purpose of paying off its indebtedness or distributing its property.
3. The appropriate proportion of the amount of outstanding  bonds  and
  bond anticipation notes of any school district part of which was annexed
  to such school district, whether or not the aggregate assessed valuation
  of such partially annexed school district, prior to such annexation, was
  one hundred thousand dollars or more. Such appropriate proportion of the
  amount  of  such  outstanding bonds and bond anticipation notes shall be
  ascertained by multiplying the total amount of  such  outstanding  bonds
  and  bond  anticipation notes by the ratio or percentage, as of the time
  of the annexation, that the average assessed valuation of the portion of
  the school district annexed bore to the average  assessed  valuation  of
  the whole of such partially annexed district as it existed prior to such
  annexation.