S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10233
 
                           I N  A S S E M B L Y
 
                               May 11, 2022
                                ___________
 
 Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Griffin,
   E. Brown) -- read once and referred to the Committee on Education
 
 AN ACT to amend the education  law,  in  relation  to  establishing  the
   Island Park 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. ISLAND PARK 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 ISLAND PARK UNION FREE SCHOOL DISTRICT.
   (B) "ISLAND PARK LIPA POWER PLANT  TAX  ASSESSMENT  CHALLENGE  RESERVE
 FUND"  OR "FUND" SHALL MEAN THE ISLAND PARK LIPA POWER PLANT TAX ASSESS-
 MENT CHALLENGE RESERVE FUND  ESTABLISHED  PURSUANT  TO THIS SECTION.
   (C)  "SCHOOL  DISTRICT"  OR  "DISTRICT"   SHALL MEAN THE  ISLAND  PARK
 UNION FREE SCHOOL DISTRICT.
   2.  THE BOARD OF EDUCATION IS HEREBY AUTHORIZED TO ESTABLISH AN ISLAND
 PARK 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 ISLAND PARK 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  ISLAND PARK LIPA POWER PLANT TAX ASSESSMENT CHALLENGE RESERVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15684-01-2
 A. 10233                            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 ISLAND PARK 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.