§ 715. Effect on certain school districts in which territory is
situated. 1. In the case of an annexation to a city having one hundred
twenty-five thousand or more inhabitants according to the latest federal
census, or to any other city having a city school district which is
coterminous with such city, the commissioner of education shall, by
order, annex to the city school district of any such city the territory
so annexed to the city. Such annexation to a city school district shall
be effective on an appropriate date which shall be fixed by the
commissioner, and he shall in such order, alter the boundaries of such
city school district to make the same conform with the plan of the
annexation to such city, provided the territory proposed to be annexed
to the city is actually annexed thereto.

2. In the case of an annexation to a city other than those described
in subdivision one of this section, the school authorities of a school
district in which territory proposed to be annexed is situated and which
district is not wholly or partly situated in the city, but where the
proposed annexation would have the effect of bringing such school
district wholly or partly into such city, may petition the commissioner
of education requesting an alteration of boundaries, between such school
district and the city school district or another school district wholly
or partly within such city, by which alteration the area in question
would be transferred from the school district under the jurisdiction of
such school authorities to such city school district or other school
district wholly or partly within the city. With the consent of such city
school district or other school district wholly or partly within the
city, the commissioner of education, shall, by order, annex such
territory to such city school district or other district effective on an
appropriate date which shall be fixed by him, provided the territory
proposed to be annexed to the city is actually annexed thereto.

3. If an annexation of territory by a city having one hundred
twenty-five thousand or more inhabitants according to the latest federal
census, or by any other city having a city school district which is
coterminous with such city, includes the entire area of a school
district, the city school district as of the effective date of
annexation to such city school district, pursuant to the order of the
commissioner of education, shall become the owner of all of the property
and property rights of such school district included in such territory
and shall assume all of the indebtedness and contract all other
liabilities of such school district.

4. If an annexation of territory by a city having one hundred
twenty-five thousand or more inhabitants according to the latest federal
census, or any other city having a city school district which is
coterminous with such city, includes only a part of the area of a school
district, the indebtedness and any contract or other liabilities and
interest thereon shall be a charge upon and shall be paid by the city in
the case of an annexation of territory by a city having one hundred
twenty-five thousand inhabitants, and by the city school district in
other cases, as the same shall become due and payable, to such school
district partially included in such territory, in the same proportion to
the whole of any such indebtedness or any such liability as the full
valuation of the taxable real property of the territory which is annexed
bears to the full valuation of the taxable real property of the school
district in which such territory was situated prior to the annexation.
Such computation shall be made as of the day prior to the date of such
annexation. Full valuation of taxable real property shall mean the
valuation derived by dividing the assessed valuation of the real
property concerned, as shown by the last completed assessment roll of,
or utilized by, the school district in which it is situated prior to
such annexation by the equalization rate established by the authorized
state officer or agency for such roll. If such school district wholly or
partially included in the territory which is annexed owns any real
property or rights in real property in such territory, any such city or
city school district, as the case may be, may purchase any such
property, including any personal property used in connection therewith,
from such school district for a fair and reasonable price to be agreed
upon by the respective school boards and the school authorities shall
have power to execute any necessary instrument in relation thereto. If
such real property is a school building owned by the school district,
the city or the city school district, as the case may be, shall be
required to purchase such real property and any rights in real property
appurtenant thereto from the school district. If the authorities of the
respective school districts cannot agree on a fair and reasonable price
therefor, the city or city school district, as the case may be, shall
proceed to acquire such real property and any such rights by
condemnation in the same manner as if the property was owned by an
individual.