Bill Text: NY A10233 | 2021-2022 | General Assembly | Introduced


Bill Title: Establishes the Island Park LIPA power plant tax assessment challenge reserve fund to reserve against, lessen or prevent increases in the school district's real property tax levy and/or tax rate resulting from decreases in revenue or taxes or a significant shift in tax liability due to a tax certiorari settlement or judgment; defines terms; makes related provisions.

Spectrum: Bipartisan Bill

Status: (Introduced) 2022-05-11 - referred to education [A10233 Detail]

Download: New_York-2021-A10233-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          10233

                   IN ASSEMBLY

                                      May 11, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Griffin,
          E. Brown) -- read once and referred to the Committee on Education

        AN ACT to amend the education  law,  in  relation  to  establishing  the
          Island Park 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. Island Park 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 Island Park union free school district.
     7    (b) "Island Park LIPA power plant  tax  assessment  challenge  reserve
     8  fund"  or "fund" shall mean the Island Park LIPA power plant tax assess-
     9  ment challenge reserve fund  established  pursuant  to this section.
    10    (c)  "School  district"  or  "district"   shall mean the  Island  Park
    11  union free school district.
    12    2.  The board of education is hereby authorized to establish an Island
    13  Park 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 Island Park 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  Island Park LIPA power plant tax assessment challenge reserve

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15684-01-2

        A. 10233                            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 Island Park 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.
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