Bill Text: NY A02051 | 2019-2020 | General Assembly | Amended

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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

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                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.
                                                                   LBD01577-02-9
        A. 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.