S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10206
 
                           I N  A S S E M B L Y
 
                                May 6, 2022
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Griffin) --
   read once and referred to the Committee on Education
 
 AN ACT to amend the education  law,  in  relation  to  establishing  the
   Oceanside LIPA power plant tax assessment challenge reserve fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The education law is amended by adding a new  section  3654
 to read as follows:
   §  3654.  OCEANSIDE  LIPA POWER PLANT TAX ASSESSMENT CHALLENGE RESERVE
 FUND. 1. DEFINITIONS. AS USED IN THIS SECTION:
   (A) "BOARD OF EDUCATION" OR "BOARD" SHALL MEAN THE BOARD OF  EDUCATION
 OF THE OCEANSIDE UNION FREE SCHOOL DISTRICT.
   (B)   "OCEANSIDE LIPA POWER PLANT  TAX  ASSESSMENT  CHALLENGE  RESERVE
 FUND" OR "FUND" SHALL MEAN THE OCEANSIDE LIPA POWER PLANT TAX ASSESSMENT
 CHALLENGE RESERVE FUND  ESTABLISHED  PURSUANT  TO THIS SECTION
   (C)   "SCHOOL   DISTRICT"   OR   "DISTRICT"   SHALL MEAN THE OCEANSIDE
 UNION FREE SCHOOL DISTRICT.
   2. THE BOARD OF EDUCATION IS HEREBY AUTHORIZED TO ESTABLISH  A  OCEAN-
 SIDE  LIPA  POWER PLANT TAX ASSESSMENT CHALLENGE RESERVE FUND TO RESERVE
 AGAINST, OR LESSEN OR PREVENT INCREASES  IN THE SCHOOL  DISTRICT'S  REAL
 PROPERTY TAX LEVY AND/OR TAX RATE RESULTING FROM DECREASES IN REVENUE OR
 TAXES  OR  A  SIGNIFICANT SHIFT IN TAX LIABILITY DUE TO A TAX CERTIORARI
 SETTLEMENT OR JUDGMENT PROVIDED, HOWEVER, THAT NO  SUCH  FUND  SHALL  BE
 ESTABLISHED UNLESS APPROVED BY A MAJORITY VOTE OF THE VOTERS PRESENT AND
 VOTING  ON  A  SEPARATE  BALLOT PROPOSITION THEREFOR AT EITHER A SPECIAL
 DISTRICT MEETING WHICH THE BOARD OF EDUCATION MAY CALL FOR SUCH  PURPOSE
 OR  AT  THE  ANNUAL  DISTRICT  MEETING  AND  ELECTION, TO BE NOTICED AND
 CONDUCTED IN EITHER CASE IN ACCORDANCE WITH ARTICLE  FORTY-ONE  OF  THIS
 CHAPTER. SUCH SEPARATE PROPOSITION SHALL SET FORTH THE MAXIMUM ALLOWABLE
 BALANCE  TO  BE DEPOSITED AND HELD IN THE OCEANSIDE LIPA POWER PLANT TAX
 ASSESSMENT CHALLENGE RESERVE FUND. MONEYS SHALL BE PAID INTO  AND  WITH-
 DRAWN FROM THE FUND AND THE FUND SHALL BE ADMINISTERED AS FOLLOWS:
   (A)  THE  BOARD  OF EDUCATION IS HEREBY AUTHORIZED TO RECEIVE PAYMENTS
 INTO  ITS  OCEANSIDE  LIPA  POWER PLANT TAX ASSESSMENT CHALLENGE RESERVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15685-01-2
 A. 10206                            2
 
 FUND  FROM  ANY  AVAILABLE FUNDS OR SOURCES OF  REVENUE,  INCLUDING  ANY
 SURPLUS FROM AN EXISTING RESERVE FUND.
   (B)   MONEYS   MAY   BE  WITHDRAWN FROM THE OCEANSIDE LIPA POWER PLANT
 TAX ASSESSMENT CHALLENGE RESERVE FUND BY RESOLUTION OF THE BOARD FOR ANY
 FISCAL YEAR, TO BE EXPENDED FOR ANY   LAWFUL PURPOSE, TO    LESSEN    OR
 PREVENT  INCREASES IN THE DISTRICT'S TAX LEVY. WITHDRAWALS FROM THE FUND
 SHALL  BE  DISCLOSED  IN  A   MANNER   CONSISTENT   WITH   THE  REQUIRED
 DISCLOSURES  OF  SIMILAR  RESERVE  FUNDS HELD BY THE DISTRICT, INCLUDING
 DISCLOSURES  REQUIRED  BY  THE  PROPERTY TAX REPORT CARD PREPARED BY THE
 DISTRICT PURSUANT TO   THE   PROVISIONS   OF   SUBDIVISION   SEVEN    OF
 SECTION  SEVENTEEN  HUNDRED  SIXTEEN  OF  THIS CHAPTER.
   § 2. This act shall take effect immediately.