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Assembly Bill A5655

2011-2012 Legislative Session

Authorizes the Patchogue-Medford Union Free School District to establish a reserve fund to liquidate serial bonds

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2011-A5655 - Details

Current Committee:
Assembly Education
Law Section:
Education
Versions Introduced in 2009-2010 Legislative Session:
A10600

2011-A5655 - Summary

Authorizes the Patchogue-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.

2011-A5655 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5655

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 24, 2011
                               ___________

Introduced by M. of A. MURRAY -- read once and referred to the Committee
  on Education

AN  ACT  in relation to establishing a reserve fund to liquidate certain
  serial  bonds  issued  to  the  Patchogue-Medford  union  free  school
  district

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding the provisions of article 74 of the  educa-
tion  law,  the  Patchogue-Medford  union free school district is hereby
authorized to establish a reserve fund for the  purpose  of  liquidating
any serial bonds issued pursuant to chapter 109 of the laws of 2006.
  S 2. Notwithstanding any other provision of law, rule or regulation to
the  contrary,  the  Patchogue-Medford  union  free  school district may
transfer monies from the general fund of such  school  district  to  the
reserve  fund  created  by  this  act, provided however, that the amount
transferred from the general fund shall not exceed the amount  necessary
to liquidate the serial bonds issued pursuant to chapter 109 of the laws
of 2006.
  S 3. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04932-01-1

2011-A5655A (ACTIVE) - Details

Current Committee:
Assembly Education
Law Section:
Education
Versions Introduced in 2009-2010 Legislative Session:
A10600

2011-A5655A (ACTIVE) - Summary

Authorizes the Patchogue-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.

2011-A5655A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5655--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 24, 2011
                               ___________

Introduced by M. of A. MURRAY -- read once and referred to the Committee
  on  Education -- committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee

AN ACT in relation to establishing a reserve fund to  liquidate  certain
  serial  bonds  issued  to  the  Patchogue-Medford  union  free  school
  district

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Notwithstanding the provisions of article 74 of the educa-
tion law, the Patchogue-Medford union free  school  district  is  hereby
authorized  to  establish  a reserve fund for the purpose of liquidating
any serial bonds issued pursuant to chapter 109 of the laws of 2006.
  S 2. Notwithstanding any other provision of law, rule or regulation to
the contrary, the  Patchogue-Medford  union  free  school  district  may
transfer  monies  from  the  general fund of such school district to the
reserve fund created by this act,  provided  however,  that  the  amount
transferred  from the general fund shall not exceed the amount necessary
to liquidate the serial bonds issued pursuant to chapter 109 of the laws
of 2006.
  S 3.  The reserve fund authorized by this act shall not be established
(a) until approved by a majority vote of the  qualified  voters  of  the
district  voting  on  a  proposition  therefor submitted at a regular or
special school district meeting and (b) unless the notice of such  meet-
ing  shall  have  stated  that a proposition to establish a reserve fund
would be so submitted, the purpose of  the  fund,  the  ultimate  amount
thereof,  its probable term and the source from which the funds would be
obtained. The proposition shall specify the purpose for which  the  fund
is  established,  the  ultimate amount, the probable term and the source
from which the funds are to be obtained. There shall be  paid  into  any
such  fund  an  annual amount sufficient to meet the requirements of the
proposition. In addition, the voters may from time to  time  direct  the
school  authorities  to pay into such fund moneys derived from any other
source.
  S 4. This act shall take effect immediately.

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