Notwithstanding section 31.1 of this Part, until August 1, 1964, any county, town, village or city having less than 125,000 inhabitants may, in the alternative, use the debt statement form prescribed by the regulation of the State Comptroller of June 13, 1961, as amended August 4, 1961, with such appropriate changes as may be required to comply with provisions of the Local Finance Law.