Assembly Bill A2783

2023-2024 Legislative Session

Relates to building aid for approved expenditures for debt service for tax certiorari financing

download bill text pdf

Sponsored By

Current Bill Status - Stricken


  • 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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2023-A2783 (ACTIVE) - Details

See Senate Version of this Bill:
S1884
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: A7540
2019-2020: A2051, S6323
2021-2022: A6655, S1674

2023-A2783 (ACTIVE) - Summary

Relates to building aid for approved expenditures for debt service for tax certiorari financing.

2023-A2783 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2783
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced by M. of A. ZEBROWSKI, DICKENS, GUNTHER -- 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-j to read as follows:
   6-J. 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-THREE--TWO THOUSAND TWEN-
 TY-FOUR SCHOOL YEAR AND THEREAFTER, THE COMMISSIONER IS  HEREBY  AUTHOR-
 IZED  TO APPORTION TO ANY SCHOOL DISTRICT ADDITIONAL BUILDING AID PURSU-
 ANT TO THIS SUBDIVISION FOR ITS APPROVED DEBT SERVICE  EXPENDITURES  FOR
 FINANCING  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
 AMORTIZATION SCHEDULE OF SUCH BOND, AND ANY OTHER  DOCUMENTATION  DEEMED
 NECESSARY.  PROVIDED, HOWEVER, THAT IN THE EVENT IT REFUNDS THE ORIGINAL
 BOND AT ANY POINT,  THE  SCHOOL  DISTRICT  SHALL  PROVIDE  SUCH  UPDATED
 DOCUMENTATION  AS  REQUIRED  BY  THE  COMMISSIONER, WHO SHALL ADJUST THE
 ANNUAL APPROVED EXPENDITURES ACCORDINGLY. SUCH AID SHALL EQUAL THE PROD-
 UCT OF THE SUM OF (1) THE BUILDING AID RATIO DEFINED PURSUANT  TO  PARA-
 GRAPH  C  OF  SUBDIVISION  SIX  OF THIS SECTION PLUS (2) ONE-TENTH (0.1)
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04580-01-3
 A. 2783                             2
              

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