S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7105
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 18, 2023
                                ___________
 
 Introduced  by  Sen. MATTERA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Education
 
 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
 or at the annual district  meeting  and  election,  to  be  noticed  and

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06715-03-3
              

 S. 7105                             2
 
 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.