Senate Bill S1884

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 - In Senate Committee Education 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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2023-S1884 (ACTIVE) - Details

Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6323
2021-2022: S1674

2023-S1884 (ACTIVE) - Summary

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

2023-S1884 (ACTIVE) - Sponsor Memo

2023-S1884 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1884
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Education
 
 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)
 MULTIPLIED  BY THE ACTUAL APPROVED DEBT SERVICE EXPENDITURES INCURRED IN
 THE BASE YEAR PURSUANT TO THIS SUBDIVISION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04580-01-3
              

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