Assembly Bill A7540

2017-2018 Legislative Session

Relates to school building aid for approved expenditures for debt service for tax certiorari financing

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A7540 (ACTIVE) - Details

Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2051
2021-2022: A6655
2023-2024: A2783

2017-A7540 (ACTIVE) - Summary

Relates to school building aid for approved expenditures for debt service for tax certiorari financing.

2017-A7540 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7540
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 1, 2017
                                ___________
 
 Introduced  by  M. of A. ZEBROWSKI, SKOUFIS -- read once and referred to
   the Committee on Education
 
 AN ACT to amend the education law,  in  relation  to  building  aid  for
   approved expenditures for debt service for tax certiorari financing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3602 of the education law is amended  by  adding  a
 new subdivision 6-i to read as follows:
   6-I.  BUILDING  AID FOR APPROVED EXPENDITURES FOR DEBT SERVICE FOR TAX
 CERTIORARI FINANCING. IN ADDITION TO THE  APPORTIONMENTS  PAYABLE  TO  A
 SCHOOL  DISTRICT  PURSUANT TO SUBDIVISION SIX OF THIS SECTION, BEGINNING
 WITH DEBT SERVICE IN THE TWO THOUSAND  SEVENTEEN-TWO  THOUSAND  EIGHTEEN
 SCHOOL  YEAR  AND  THEREAFTER,  THE COMMISSIONER IS HEREBY AUTHORIZED TO
 APPORTION TO ANY SCHOOL DISTRICT ADDITIONAL  BUILDING  AID  PURSUANT  TO
 THIS  SUBDIVISION FOR ITS APPROVED DEBT SERVICE EXPENDITURES FOR FINANC-
 ING THE COST OF A TAX CERTIORARI, WHERE THE  TOTAL  VALUE  OF  THE  BOND
 EXCEEDS  THE TOTAL GENERAL FUND EXPENDITURES FOR THE SCHOOL DISTRICT FOR
 THE YEAR PRIOR TO THE YEAR IN WHICH THE SCHOOL DISTRICT  FIRST  RECEIVES
 BOND PROCEEDS. IN ORDER TO HAVE SUCH DEBT SERVICE EXPENDITURES APPROVED,
 THE  SCHOOL  DISTRICT  SHALL SUBMIT TO THE COMMISSIONER, IN A FORM HE OR
 SHE PRESCRIBES, DOCUMENTATION RELATING TO THE  ISSUANCE  OF  SUCH  BOND,
 INCLUDING  BUT  NOT  LIMITED TO THE ORIGINAL TAX CERTIORARI, THE AMORTI-
 ZATION SCHEDULE OF SUCH BOND, AND ANY OTHER DOCUMENTATION DEEMED  NECES-
 SARY.  PROVIDED, HOWEVER, THAT IN THE EVENT IT REFUNDS THE ORIGINAL BOND
 AT ANY POINT, THE SCHOOL DISTRICT SHALL PROVIDE SUCH UPDATED  DOCUMENTA-
 TION  AS  REQUIRED  BY  THE  COMMISSIONER,  WHO  SHALL ADJUST THE ANNUAL
 APPROVED EXPENDITURES ACCORDINGLY. SUCH AID SHALL EQUAL THE  PRODUCT  OF
 THE SUM OF (1) THE BUILDING AID RATIO DEFINED PURSUANT TO PARAGRAPH C OF
 SUBDIVISION  SIX  OF THIS SECTION PLUS (2) ONE-TENTH (0.1) MULTIPLIED BY
 THE ACTUAL APPROVED DEBT SERVICE EXPENDITURES INCURRED IN THE BASE  YEAR
 PURSUANT TO THIS SUBDIVISION.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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