Section 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.