§ 121.00 Indebtedness of school districts merged with or annexed to a
school district in a city; amount thereof to be included as indebtedness
of such school district. In ascertaining the power of a school district
in a city to contract indebtedness the following indebtedness shall be
included as indebtedness of such school district:

1. The amount of outstanding indebtedness of school districts which
merged to form such school district, whether or not any of such merged
school districts, prior to such merger, was a school district in a city,
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 indebtedness of any school district which
was annexed to such school district, whether or not such annexed school
district prior to such annexation, was a school district in a city, 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
indebtedness of any school district part of which was annexed to such
school district, whether or not such partially annexed school district
was a school district in a city. Such appropriate proportion of the
amount of such outstanding indebtedness shall be ascertained by
multiplying the total amount of such outstanding indebtedness by the
ratio or percentage, as of the time of the annexation, that the full
valuation of the portion of the school district annexed bore to the full
valuation of the whole of such partially annexed district as it existed
prior to such annexation.