Bill Text: NY A02051 | 2019-2020 | General Assembly | Amended
Bill Title: Relates to building aid for approved expenditures for debt service for tax certiorari financing.
Spectrum: Moderate Partisan Bill (Democrat 5-1)
Status: (Introduced - Dead) 2020-01-08 - referred to education [A02051 Detail]
Download: New_York-2019-A02051-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2051--A 2019-2020 Regular Sessions IN ASSEMBLY January 22, 2019 ___________ Introduced by M. of A. ZEBROWSKI, JAFFEE, GUNTHER, DICKENS, RAIA -- Multi-Sponsored by -- M. of A. COOK -- read once and referred to the Committee on Education -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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: 1 Section 1. Section 3602 of the education law is amended by adding a 2 new subdivision 6-i to read as follows: 3 6-i. Building aid for approved expenditures for debt service for tax 4 certiorari financing. In addition to the apportionments payable to a 5 school district pursuant to subdivision six of this section, beginning 6 with debt service in the two thousand nineteen--two thousand twenty 7 school year and thereafter, the commissioner is hereby authorized to 8 apportion to any school district additional building aid pursuant to 9 this subdivision for its approved debt service expenditures for financ- 10 ing the cost of a tax certiorari, where the total value of the bond 11 exceeds the total general fund expenditures for the school district for 12 the year prior to the year in which the school district first receives 13 bond proceeds. In order to have such debt service expenditures approved, 14 the school district shall submit to the commissioner, in a form he or 15 she prescribes, documentation relating to the issuance of such bond, 16 including but not limited to the original tax certiorari, the amorti- 17 zation schedule of such bond, and any other documentation deemed neces- 18 sary. Provided, however, that in the event it refunds the original bond 19 at any point, the school district shall provide such updated documenta- 20 tion as required by the commissioner, who shall adjust the annual 21 approved expenditures accordingly. Such aid shall equal the product of 22 the sum of (1) the building aid ratio defined pursuant to paragraph c of 23 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. LBD01577-02-9A. 2051--A 2 1 the actual approved debt service expenditures incurred in the base year 2 pursuant to this subdivision. 3 § 2. This act shall take effect immediately. Effective immediately, 4 the addition, amendment and/or repeal of any rule or regulation neces- 5 sary for the implementation of this act on its effective date are 6 authorized to be made and completed on or before such effective date.