STATE OF NEW YORK ________________________________________________________________________ 10206 IN ASSEMBLY May 6, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Griffin) -- read once and referred to the Committee on Education AN ACT to amend the education law, in relation to establishing the Oceanside LIPA power plant tax assessment challenge reserve fund 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 section 3654 2 to read as follows: 3 § 3654. Oceanside LIPA power plant tax assessment challenge reserve 4 fund. 1. Definitions. As used in this section: 5 (a) "Board of education" or "board" shall mean the board of education 6 of the Oceanside union free school district. 7 (b) "Oceanside LIPA power plant tax assessment challenge reserve 8 fund" or "fund" shall mean the Oceanside LIPA power plant tax assessment 9 challenge reserve fund established pursuant to this section 10 (c) "School district" or "district" shall mean the Oceanside 11 union free school district. 12 2. The board of education is hereby authorized to establish a Ocean- 13 side LIPA power plant tax assessment challenge reserve fund to reserve 14 against, or lessen or prevent increases in the school district's real 15 property tax levy and/or tax rate resulting from decreases in revenue or 16 taxes or a significant shift in tax liability due to a tax certiorari 17 settlement or judgment provided, however, that no such fund shall be 18 established unless approved by a majority vote of the voters present and 19 voting on a separate ballot proposition therefor at either a special 20 district meeting which the board of education may call for such purpose 21 or at the annual district meeting and election, to be noticed and 22 conducted in either case in accordance with article forty-one of this 23 chapter. Such separate proposition shall set forth the maximum allowable 24 balance to be deposited and held in the Oceanside LIPA power plant tax 25 assessment challenge reserve fund. Moneys shall be paid into and with- 26 drawn from the fund and the fund shall be administered as follows: 27 (a) The board of education is hereby authorized to receive payments 28 into its Oceanside LIPA power plant tax assessment challenge reserve EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15685-01-2A. 10206 2 1 fund from any available funds or sources of revenue, including any 2 surplus from an existing reserve fund. 3 (b) Moneys may be withdrawn from the Oceanside LIPA power plant 4 tax assessment challenge reserve fund by resolution of the board for any 5 fiscal year, to be expended for any lawful purpose, to lessen or 6 prevent increases in the district's tax levy. Withdrawals from the fund 7 shall be disclosed in a manner consistent with the required 8 disclosures of similar reserve funds held by the district, including 9 disclosures required by the property tax report card prepared by the 10 district pursuant to the provisions of subdivision seven of 11 section seventeen hundred sixteen of this chapter. 12 § 2. This act shall take effect immediately.