S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6655
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2021
                                ___________
 
 Introduced by M. of A. ZEBROWSKI, GUNTHER, DICKENS -- Multi-Sponsored by
   -- M. of A.  COOK -- read once and referred to the Committee on Educa-
   tion
 
 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 TWENTY-ONE--TWO THOUSAND TWENTY-
 TWO 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05921-01-1
              

 A. 6655                             2
 
 THE ACTUAL APPROVED DEBT SERVICE EXPENDITURES INCURRED IN THE BASE  YEAR
 PURSUANT TO THIS SUBDIVISION.
   §  2.  This act shall take effect immediately.  Effective immediately,
 the addition, amendment and/or repeal of any rule or  regulation  neces-
 sary  for  the  implementation  of  this  act  on its effective date are
 authorized to be made and completed on or before such effective date.