"In ascertaining the power of any City having
less than one hundred twenty-five thousand inhabitants according to
the latest federal census to contract indebtedness, indebtedness heretofore
contracted by such City for education purposes shall be excluded.
Such indebtedness so excluded shall be included in ascertaining the
power of a school district which is coterminous with, or partly within,
or wholly within, such City to contract indebtedness. The legislature
shall prescribe by law the manner by which the amount of such indebtedness
shall be determined and allocated among such school districts. Such
law may provide that such determinations and allocations shall be
conclusive if made or approved by the state comptroller."
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expressed the intent of two legislatures and
of the people of the State of New York, upon fiscal separation of
a City of less than 125,000 inhabitants according to the latest federal
census from the City School District of such City, to exclude indebtedness
contracted by such City for education purposes in ascertaining the
power of such City to contract indebtedness and to include such indebtedness
in ascertaining the power of such City School District to contract
indebtedness. The Common Council further finds and declares that,
in view of such intent and particularly because of the words "according
to the latest federal census," the words "indebtedness heretofore
contracted" as applied to the event of the City of Albany becoming
a City of less than 125,000 inhabitants according to the 1970 federal
census, refer to the date of the fiscal separation of such City and
the City School District of such City July 1, 1971.
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