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

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-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        9451--A
                                 I N  A S S E M B L Y
                                     March 1, 2012
                                      ___________
       Introduced  by M. of A. ROBERTS, FINCH, LINARES, COOK, ESPINAL, ROBINSON
         -- Multi-Sponsored by -- M. of A. BOYLAND,  MAGEE  --  read  once  and
         referred  to  the Committee on Education -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       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,  on  or  after  the  first day of July, two thousand eleven
   20  shall commence: (iii) eighteen months after such approval or (iv) on the
   21  date of receipt by the commissioner of both  the  final  certificate  of
   22  substantial  completion  of the project issued by the architect or engi-
   23  neer and the final cost report for such project, whichever is  later  or
   24  (v)  upon the date of a finding by the commissioner that the certificate
   25  of substantial completion of the project has been issued by  the  archi-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14225-03-2
       A. 9451--A                          2
    1  tect  or engineer, but the district is unable to complete the final cost
    2  report because of circumstances beyond the control of the district. Such
    3  assumed amortization shall provide  for  equal  semiannual  payments  of
    4  principal and interest based on an interest rate established pursuant to
    5  subparagraph five of this paragraph for such purpose for the school year
    6  during  which  such  certification is received. The first installment of
    7  obligations issued by the school district in support  of  such  projects
    8  may  mature  not  later  than the dates established pursuant to sections
    9  21.00 and 22.10 of the local finance law.
   10    S 2. This act shall take effect immediately.