[Adopted 7-18-1983 by L.L. No. 2-1983 as Ch. I, Art. II, Div. 20, of the 1983 Code]
The title of all real and personal property acquired prior to July 1, 1971, by the City of Albany, which was a City of more than 125,000 inhabitants according to the 1960 federal census and which became a City of less than 125,000 inhabitants according to the 1970 federal census, which on July 1, 1971, was under the exclusive jurisdiction and/or control of the school authorities and used for educational purposes, including school sites, school buildings, school equipment, school funds and other property of every kind and nature, is hereby transferred and vested in the City School District of the City of Albany, and all moneys held in the treasury of such City to the credit of the Board of Education in such City or for school purposes shall be transferred to the Treasurer of the Board of Education of such City School District; all unpaid taxes and other money due and payable to such City to the credit of such Board of Education or for school purposes shall be payable to such City School District. In such City School District, where, prior to July 1 1971, the annual appropriation for such school district was included in the City budget and tax levy and was collected as part of the City tax levy, the Treasurer or other similar officer of such City shall collect and pay to such City School District taxes which are due or which shall become due prior to November 1, 1971, sufficient to meet the full amount of the budget of such Board of Education for such fiscal year, together with any appropriations by such City for such City School District.
A. 
The Common Council finds and declares that section four of article eight of the State Constitution, as added and effective January 1, 1952, and, in particular, the paragraph of such section which reads as follows:
"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."
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.
B. 
Any indebtedness contracted by the City of Albany for education purposes prior to July 1, 1971, shall be excluded in ascertaining the power of such City to contract indebtedness. The City Comptroller shall request the State Comptroller to determine the amount of the indebtedness so excited. Any such determination made by the State Comptroller shall be conclusive. In the absence of such determination by the State Comptroller, such determination shall be made by the City Comptroller.
If any clause, sentence, subdivision, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not effect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, subdivision, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered.