N.Y. EDN Law § 1805

§ 1805. Powers of central school district; officers of component\ndistricts; transition state aid. All central school districts shall\nhave the same powers and be subject to the same limitations that are now\nconferred or imposed by law upon union free school districts as provided\nby this chapter. The district officers of the several existing\ndistricts shall remain in office until August first next following\norganization of such central school district for the purpose of\nconducting and maintaining school in the several districts, the carrying\nout of contracts in force at the time of the organization of such\ncentral school district, of paying all just debts and obligations of\nsuch existing districts due and payable on or prior to said August\nfirst, and of levying and collecting taxes raised or necessary to be\nraised for any of said purposes. For the purposes of the apportionment\nand payment of public moneys, notwithstanding any other provisions of\nthis article, any apportionments and payments made during the school\nyear in which such central school district was organized shall be\napportioned and credited to the existing districts. Any apportionments\nmade and paid during the school year next succeeding the date of the\norganization of such central school district shall be made and credited\nto the central school district but the amounts thereof shall be\ndetermined upon the basis of the continuance of the existing districts\nas separate districts during the entire school year in which such\ncentral school district was organized.\n