Section 2579. Payment of obligations

1. If a city shall issue obligations
  for any of the purposes enumerated in paragraph c of subdivision one  of
  section  twenty-five  hundred seventy-six of this chapter, the principal
  and interest of such obligations shall be paid out of moneys  raised  by
  tax  therefor in the same manner as other school moneys are raised, when
  such obligations and the interest thereon shall become due and payable.
    2. If a city having a population of four hundred thousand or more  but
  less  than one million shall issue obligations to defray, in whole or in
  part, the expense of the  construction,  improvement  and  equipment  of
  school  buildings  or  the  purchase or acquisition of school sites, the
  proceeds of the sale of such bonds shall be paid into  the  treasury  of
  the  city  and  placed  to the credit of the board of education. As such
  obligations become due the  municipal  authorities  of  the  city  shall
  include  in  the tax levy, and assess upon the property of the city, the
  amount necessary to pay such bonds and interest thereon.
    3. In a city having a population of one million or more, such city may
  in its discretion annually cause to be raised such sums of money as  may
  be  required  for  the purposes enumerated in paragraph c of subdivision
  one of section twenty-five hundred seventy-six of this article,  in  the
  manner provided by law for the raising of money for such purposes.