S T A T E   O F   N E W   Y O R K
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                                   10235
 
                           I N  A S S E M B L Y
 
                               May 11, 2022
                                ___________
 
 Introduced  by  COMMITTEE  ON  RULES  --  (at request of M. of A. Stern,
   K. Brown) -- read once and referred to the Committee on Education
 
 AN ACT to amend the education  law,  in  relation  to  establishing  the
   Northport-East  Northport  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. NORTHPORT-EAST NORTHPORT LIPA POWER PLANT TAX ASSESSMENT CHAL-
 LENGE RESERVE FUND. 1. DEFINITIONS. AS USED IN THIS SECTION:
   (A) "BOARD OF EDUCATION" OR "BOARD" SHALL MEAN THE BOARD OF  EDUCATION
 OF THE NORTHPORT-EAST NORTHPORT UNION FREE SCHOOL DISTRICT.
   (B)  "NORTHPORT-EAST NORTHPORT LIPA POWER PLANT TAX  ASSESSMENT  CHAL-
 LENGE  RESERVE  FUND"  OR "FUND" SHALL MEAN THE NORTHPORT-EAST NORTHPORT
 LIPA POWER PLANT TAX ASSESSMENT  CHALLENGE  RESERVE  FUND    ESTABLISHED
 PURSUANT  TO THIS SECTION.
   (C)  "SCHOOL  DISTRICT"  OR  "DISTRICT"  SHALL MEAN THE NORTHPORT-EAST
 NORTHPORT UNION FREE SCHOOL DISTRICT.
   2.  THE  BOARD OF EDUCATION IS HEREBY AUTHORIZED TO ESTABLISH A NORTH-
 PORT-EAST NORTHPORT 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 NORTHPORT-EAST
 NORTHPORT LIPA POWER PLANT TAX ASSESSMENT CHALLENGE RESERVE FUND. MONEYS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08722-12-2
              

 A. 10235                            2
 
 SHALL  BE  PAID  INTO  AND WITHDRAWN FROM THE FUND AND THE FUND SHALL BE
 ADMINISTERED AS FOLLOWS:
   (A)  THE  BOARD  OF EDUCATION IS HEREBY AUTHORIZED TO RECEIVE PAYMENTS
 INTO  ITS NORTHPORT-EAST NORTHPORT LIPA POWER PLANT TAX ASSESSMENT CHAL-
 LENGE RESERVE FUND  FROM  ANY  AVAILABLE FUNDS OR  SOURCES  OF  REVENUE,
 INCLUDING ANY SURPLUS FROM AN EXISTING RESERVE FUND.
   (B)  MONEYS  MAY  BE  WITHDRAWN FROM THE NORTHPORT-EAST NORTHPORT 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.