§ 715. Effect on certain school districts in which territory is\nsituated. 1. In the case of an annexation to a city having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, or to any other city having a city school district which is\ncoterminous with such city, the commissioner of education shall, by\norder, annex to the city school district of any such city the territory\nso annexed to the city. Such annexation to a city school district shall\nbe effective on an appropriate date which shall be fixed by the\ncommissioner, and he shall in such order, alter the boundaries of such\ncity school district to make the same conform with the plan of the\nannexation to such city, provided the territory proposed to be annexed\nto the city is actually annexed thereto.\n 2. In the case of an annexation to a city other than those described\nin subdivision one of this section, the school authorities of a school\ndistrict in which territory proposed to be annexed is situated and which\ndistrict is not wholly or partly situated in the city, but where the\nproposed annexation would have the effect of bringing such school\ndistrict wholly or partly into such city, may petition the commissioner\nof education requesting an alteration of boundaries, between such school\ndistrict and the city school district or another school district wholly\nor partly within such city, by which alteration the area in question\nwould be transferred from the school district under the jurisdiction of\nsuch school authorities to such city school district or other school\ndistrict wholly or partly within the city. With the consent of such city\nschool district or other school district wholly or partly within the\ncity, the commissioner of education, shall, by order, annex such\nterritory to such city school district or other district effective on an\nappropriate date which shall be fixed by him, provided the territory\nproposed to be annexed to the city is actually annexed thereto.\n 3. If an annexation of territory by a city having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, or by any other city having a city school district which is\ncoterminous with such city, includes the entire area of a school\ndistrict, the city school district as of the effective date of\nannexation to such city school district, pursuant to the order of the\ncommissioner of education, shall become the owner of all of the property\nand property rights of such school district included in such territory\nand shall assume all of the indebtedness and contract all other\nliabilities of such school district.\n 4. If an annexation of territory by a city having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, or any other city having a city school district which is\ncoterminous with such city, includes only a part of the area of a school\ndistrict, the indebtedness and any contract or other liabilities and\ninterest thereon shall be a charge upon and shall be paid by the city in\nthe case of an annexation of territory by a city having one hundred\ntwenty-five thousand inhabitants, and by the city school district in\nother cases, as the same shall become due and payable, to such school\ndistrict partially included in such territory, in the same proportion to\nthe whole of any such indebtedness or any such liability as the full\nvaluation of the taxable real property of the territory which is annexed\nbears to the full valuation of the taxable real property of the school\ndistrict in which such territory was situated prior to the annexation.\nSuch computation shall be made as of the day prior to the date of such\nannexation. Full valuation of taxable real property shall mean the\nvaluation derived by dividing the assessed valuation of the real\nproperty concerned, as shown by the last completed assessment roll of,\nor utilized by, the school district in which i
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