§§5. 6]   Creation and Payment of j^ebts.        5

and consolidated as aforesaid, or for the payment of such
debts, or respecting the same, as well as every such law re¬
specting the debts of the corporation known as the mayor,.
aldermen and commonalty of The City of New York, shall re¬
main in full force and effect, except that the same shall be car¬
ried out by the corporation hereby constituted, to wit: The City
of New York, and under such name and in such form and manner
as may be suitable to the administration of said corporation; and
all the pledges, taxes, assessments, sinking funds, and other rev¬
enues and securities provided by law for the payment of the
debts of the municipal and pubhc corporations aforesaid, shall be
in good faith enforced, maintained and carried out by the corpo¬
ration of The City of New York. All the valid debts of the
municipal and public corporations mentioned in the first section
of this act, including the county of Kings and the county of
Richmond and the proportion of the debt of the county of
Queens and of the town of Hempstead aforesaid, and the vahd
debts of the town.s, incorporated villages, and school districts
herein united and consolidated with the corporation heretofore
known as the ^mayor, aldermen and commonalty of the city of
New York into The City of New York, as well as the debts of
the latter corporation, shall be the common debt of The City.of
New York, as hereby constituted. So far as resort to taxation
is authorized or necessary to pay such debts, such taxation shall
extend equally throughout the territory of the corporation herein
constituted, except that all assessments for benefits, heretofore
laid or provided to be laid for the payment of any portion of
such debts, or to reimburse any of the said municipal and public
corporations which created such debt, in respect thereof, shall be
preserved and enforced, it being the intent hereof that the obli¬
gations and liability of The City of New York, as the successor
of municipalities and public corporations consolidated into it,
shall be the same as, and not otherwise or greater than, the
respective obligations and liabilities of the several constituent
corporations, and that The City of New York shall succeed to
all of their rights as well as to their obligations and liabilities in
respect thereof, except as herein otherwise especially provided.

See L.  1S82, ch. 410, §  133.

Effect where only a part of a corporation is annexed.

§ 6. Where part only of the territory of a municipal or public
corporation is embraced by this act within the limits of The
City of New York, as herein constituted, the respective rights.