Bill Text: NY A02785 | 2015-2016 | General Assembly | Introduced
Bill Title: Authorizes boards of trustees and boards of education to establish a tax stabilization reserve fund from monies identified as excess or surplus and allows such funds to be appropriated to stabilize the property tax rate.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-06 - referred to real property taxation [A02785 Detail]
Download: New_York-2015-A02785-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 2785 2015-2016 Regular Sessions I N A S S E M B L Y January 20, 2015 ___________ Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the education law, in relation to authorizing establish- ment of tax stabilization reserve funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The education law is amended by adding a new article 44 to 2 read as follows: 3 ARTICLE 44 4 TAX STABILIZATION RESERVE FUNDS 5 SECTION 2150. TAX STABILIZATION RESERVE FUNDS. 6 S 2150. TAX STABILIZATION RESERVE FUNDS. NOTWITHSTANDING ANY INCON- 7 SISTENT PROVISION OF LAW, THE BOARD OF TRUSTEES OR BOARD OF EDUCATION OF 8 EACH SCHOOL DISTRICT SHALL BE AUTHORIZED TO TRANSFER ANY MONIES IDENTI- 9 FIED AS AN UNAPPROPRIATED FUND BALANCE IN EXCESS OF TWO PERCENT OF THE 10 CURRENT BUDGET PERMITTED TO BE RETAINED FOR MEETING CONTINGENT EXPENSES 11 TO A SPECIAL FUND WHICH SHALL BE KNOWN AS A TAX STABILIZATION RESERVE 12 FUND. MONIES IN SUCH FUND SHALL BE DEPOSITED IN ONE OR MORE OF THE 13 BANKS OR TRUST COMPANIES DESIGNATED IN THE MANNER PROVIDED BY LAW AS 14 DEPOSITORIES OF THE FUNDS FOR ANY GIVEN DISTRICT. THE MONIES IN SUCH 15 FUND SO DEPOSITED SHALL BE KEPT IN A SEPARATE BANK ACCOUNT. BOARDS OF 16 TRUSTEES AND EDUCATION MAY INVEST THE MONIES IN SUCH FUNDS IN A MANNER 17 PROVIDED BY SECTION ELEVEN OF THE GENERAL MUNICIPAL LAW. ANY INTEREST 18 EARNED ON THE MONIES SO DEPOSITED OR INVESTED SHALL ACCRUE TO AND BECOME 19 PART OF SUCH FUND. MONIES IN SUCH FUND MAY BE APPROPRIATED IN ACCORD- 20 ANCE WITH A PLAN TO STABILIZE THE SCHOOL DISTRICT'S PROPERTY TAX RATE BY 21 MAKING USE OF SUCH FUNDS TO OFFSET TAX LEVY NEEDS. 22 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07353-01-5