Assembly Bill A6214

2021-2022 Legislative Session

Authorizes the expenditure and temporary transfer of reserve funds for expenses related to COVID-19

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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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2021-A6214 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Local Finance
Laws Affected:
Amd §3, Chap 157 of 2020

2021-A6214 (ACTIVE) - Summary

Authorizes the expenditure and temporary transfer of reserve funds for expenses related to COVID-19; authorizes the extension of repayment of inter-fund advances made for expenses related to COVID-19, in relation to extending the period of time for reimbursement of funds to the reserve fund from which the funds were transferred; provides that such funds shall be fully reimbursed by the end of the tenth fiscal year, starting two years after the fiscal year following the transfer; requires any such transfer shall be noted in the school district's annual audit report.

2021-A6214 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6214
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2021
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Local Governments
 
 AN ACT to amend chapter 157 of the laws of 2020, relating to authorizing
   the  expenditure  and temporary transfer of reserve funds for expenses
   related to COVID-19; and to authorize the extension  of  repayment  of
   inter-fund advances made for expenses related to COVID-19, in relation
   to  extending  the  period  of  time for reimbursement of funds to the
   reserve fund from which the funds were transferred
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 3 of chapter 157 of the laws of 2020, relating to
 authorizing the expenditure and temporary transfer of reserve funds  for
 expenses  related  to COVID-19; and to authorize the extension of repay-
 ment of inter-fund advances made for expenses related  to  COVID-19,  is
 amended to read as follows:
   §  3.  Notwithstanding any provision of the general municipal law, the
 town law or the education law to the contrary, the governing board of  a
 town,  village, county, city, water improvement district, sewer improve-
 ment district, fire district or school  district,  by  resolution  which
 shall  not  be subject to referendum requirements, if any, may authorize
 the temporary transfer of moneys from reserve funds to pay for operating
 costs or other costs attributable to the  COVID-19  pandemic,  provided,
 that  the reserve fund from which the funds were temporarily transferred
 shall be reimbursed from the fund to which the transfer was made over  a
 period  of  not  more  than  [five]  TEN fiscal years, starting with the
 fiscal year following the transfer. [At  least  twenty  percent  of  the
 moneys  temporarily  transferred  shall  be reimbursed each fiscal year.
 Such reimbursement shall include an additional amount  reasonably  esti-
 mated  to be the amount that would have been earned on the investment of
 the transferred moneys had they been retained  in  the  capital  reserve
 fund.]  SUCH  FUNDS  SHALL  BE  FULLY REIMBURSED BY THE END OF THE TENTH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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