S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6310--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 3, 2023
                                ___________
 
 Introduced by M. of A. K. BROWN -- read once and referred to the Commit-
   tee  on  Education  --  committee  discharged,  bill  amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT relating to establishing the 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. Legislative findings. The legislature hereby finds that the
 tax  certiorari  settlement  between  Suffolk County and the Long Island
 Power Authority regarding the Northport Power Plant may result in insta-
 bility in the real property tax base and the budget  of  the  Northport-
 East  Northport  union free school district due to a decrease in revenue
 or taxes and/or significant shift in tax liability to the taxpayers.
   § 2. Definitions. As used in this act the following terms  shall  have
 the following meanings:
   (a)  "Board of education" or "board" shall mean the board of education
 of the Northport-East Northport union free school district.
   (b) "Power plant tax assessment reserve fund" or "fund" shall mean the
 power plant tax assessment reserve fund  established  pursuant  to  this
 act.
   (c)  "School  district"  or  "district"  shall mean the Northport-East
 Northport union free school district.
   § 3. Power plant tax assessment reserve fund. The board  of  education
 is  hereby  authorized to establish a power plant tax assessment reserve
 fund to lessen or prevent increases in the school district's real  prop-
 erty  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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06715-02-3
              

 A. 6310--A                          2
 
 or at the annual district  meeting  and  election,  to  be  noticed  and
 conducted  in either case in accordance with article 41 of the education
 law. Such separate proposition shall set  forth  the  maximum  allowable
 balance  to  be  deposited  and  held  in the power plant tax assessment
 reserve fund.  Moneys shall be paid into and withdrawn from the fund and
 the fund shall be administered as follows:
   (a) For any school district fiscal year commencing after the effective
 date of this act and after the establishment  of  the  power  plant  tax
 assessment  reserve  fund,  the  board of education may receive payments
 into its power plant tax assessment reserve fund  from  any  sources  of
 revenue  resulting from a settlement with the Long Island Power Authori-
 ty; provided that no payment into the fund shall cause  the  balance  of
 the  fund to exceed the amount approved in the ballot proposition pursu-
 ant to this subdivision.
   (b) Moneys may be  withdrawn  from  the  power  plant  tax  assessment
 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 and/or tax rate. Withdrawals from the fund shall be
 disclosed in a manner consistent with the required disclosures of  simi-
 lar  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 7 of section 1716 of the  education  law;  and
 deposits  and  withdrawals  made in each fiscal year shall be subject to
 the district's annual budget approval process.
   (c) The moneys in the power plant tax assessment reserve fund shall be
 deposited, invested and accounted for in  the  manner  provided  for  in
 subdivisions  2  and 6 of section 3651 and section 3652 of the education
 law.
   § 4. This act shall take effect immediately.