Notwithstanding the provisions of section 696 of the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, an increase in grants to a school district of the first class by a city of the first class based on debt service to be paid as authorized under section 201-B(f)(1) of the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, shall not require a comparable increase in grants by the city in subsequent years.
53 Pa.C.S. § 8723