Bill Text: NY A02783 | 2023-2024 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2024-01-03 - referred to education [A02783 Detail]

Download: New_York-2023-A02783-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          2783

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2023
                                       ___________

        Introduced by M. of A. ZEBROWSKI, DICKENS, GUNTHER -- Multi-Sponsored by
          -- M. of A.  COOK -- read once and referred to the Committee on Educa-
          tion

        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-j to read as follows:
     3    6-j. 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 twenty-three--two thousand twen-
     7  ty-four school year and thereafter, the commissioner is  hereby  author-
     8  ized  to apportion to any school district additional building aid pursu-
     9  ant to this subdivision for its approved debt service  expenditures  for
    10  financing  the  cost  of  a tax certiorari, where the total value of the
    11  bond exceeds the total general fund expenditures for the school district
    12  for the year prior to the  year  in  which  the  school  district  first
    13  receives  bond proceeds. In order to have such debt service expenditures
    14  approved, the school district shall submit to  the  commissioner,  in  a
    15  form  he  or  she  prescribes, documentation relating to the issuance of
    16  such bond, including but not limited to the original tax certiorari, the
    17  amortization schedule of such bond, and any other  documentation  deemed
    18  necessary.  Provided, however, that in the event it refunds the original
    19  bond at any point,  the  school  district  shall  provide  such  updated
    20  documentation  as  required  by  the  commissioner, who shall adjust the
    21  annual approved expenditures accordingly. Such aid shall equal the prod-
    22  uct of the sum of (1) the building aid ratio defined pursuant  to  para-
    23  graph  c  of  subdivision  six  of this section plus (2) one-tenth (0.1)

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04580-01-3

        A. 2783                             2

     1  multiplied by the actual approved debt service expenditures incurred  in
     2  the base year 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.
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