Bill Text: NY A10600 | 2009-2010 | General Assembly | Introduced

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Bill Title: Authorizes the Patchoque-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-04-08 - referred to education [A10600 Detail]

Download: New_York-2009-A10600-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10600
                                 I N  A S S E M B L Y
                                     April 8, 2010
                                      ___________
       Introduced by M. of A. MURRAY -- read once and referred to the Committee
         on Education
       AN  ACT  in relation to establishing a reserve fund to liquidate certain
         serial  bonds  issued  to  the  Patchogue-Medford  union  free  school
         district
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding the provisions of article 74 of the  educa-
    2  tion  law,  the  Patchogue-Medford  union free school district is hereby
    3  authorized to establish a reserve fund for the  purpose  of  liquidating
    4  any serial bonds issued pursuant to chapter 109 of the laws of 2006.
    5    S 2. Notwithstanding any other provision of law, rule or regulation to
    6  the  contrary,  the  Patchogue-Medford  union  free  school district may
    7  transfer monies from the general fund of such  school  district  to  the
    8  reserve  fund  created  by  this  act, provided however, that the amount
    9  transferred from the general fund shall not exceed the amount  necessary
   10  to liquidate the serial bonds issued pursuant to chapter 109 of the laws
   11  of 2006.
   12    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16703-01-0