Bill Text: NY A09451 | 2011-2012 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to assumed amortization for school projects.

Spectrum: Moderate Partisan Bill (Democrat 11-2)

Status: (Introduced - Dead) 2012-06-14 - substituted by s6395c [A09451 Detail]

Download: New_York-2011-A09451-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9451
                                 I N  A S S E M B L Y
                                     March 1, 2012
                                      ___________
       Introduced  by M. of A. ROBERTS, FINCH, LINARES, COOK, ESPINAL -- Multi-
         Sponsored by -- M. of A. BOYLAND, MAGEE -- read once and  referred  to
         the Committee on Education
       AN  ACT  to amend the education law, in relation to assumed amortization
         for school projects
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Clause (b) of subparagraph 3 of paragraph e of subdivision
    2  6 of section 3602 of the education law,  as  amended  by  section  4  of
    3  subpart  F  of  part  C of chapter 97 of the laws of 2011, is amended to
    4  read as follows:
    5    (b) Such assumed amortization for a project approved  by  the  commis-
    6  sioner  on or after the later of the first day of December, two thousand
    7  one or thirty days after the date upon which this subdivision shall have
    8  become a law and prior to the first day of July, two thousand eleven  or
    9  for  any  debt  service related to projects approved by the commissioner
   10  prior to such date where a bond, capital note or bond anticipation  note
   11  is  first issued on or after the first day of December, two thousand one
   12  to fund such projects, shall commence: (i) eighteen  months  after  such
   13  approval or (ii) on the date of receipt by the commissioner of a certif-
   14  ication  by  the  district that a general construction contract has been
   15  awarded for such project by the district, whichever is later,  and  such
   16  assumed amortization for a project approved by the [commissioner] VOTERS
   17  OF  THE  SCHOOL  DISTRICT  OR BY THE BOARD OF EDUCATION OF A CITY SCHOOL
   18  DISTRICT IN A CITY WITH  MORE  THAN  ONE  HUNDRED  TWENTY-FIVE  THOUSAND
   19  INHABITANTS,  AND/OR  THE CHANCELLOR IN A CITY SCHOOL DISTRICT IN A CITY
   20  HAVING A POPULATION OF ONE MILLION OR MORE, on or after the first day of
   21  July, two thousand eleven shall commence: (iii)  eighteen  months  after
   22  such approval or (iv) on the date of receipt by the commissioner of both
   23  the final certificate of substantial completion of the project issued by
   24  the  architect  or  engineer and the final cost report for such project,
   25  whichever is later or (v) upon the date of a finding by the commissioner
   26  that the certificate of substantial completion of the project  has  been
   27  issued  by  the  architect  or  engineer,  but the district is unable to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14225-01-2
       A. 9451                             2
    1  complete the final cost  report  because  of  circumstances  beyond  the
    2  control  of  the  district.  Such assumed amortization shall provide for
    3  equal semiannual payments of principal and interest based on an interest
    4  rate  established  pursuant  to  subparagraph five of this paragraph for
    5  such purpose for the school year  during  which  such  certification  is
    6  received.  The  first  installment  of  obligations issued by the school
    7  district in support of such projects may mature not later than the dates
    8  established pursuant to sections 21.00 and 22.10 of  the  local  finance
    9  law.
   10    S 2. This act shall take effect immediately.