Bill Text: NY S01674 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to building aid for approved expenditures for debt service for tax certiorari financing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO EDUCATION [S01674 Detail]

Download: New_York-2021-S01674-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1674

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 14, 2021
                                       ___________

        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Education

        AN ACT to amend the education law,  in  relation  to  building  aid  for
          approved expenditures for debt service for tax certiorari financing

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 3602 of the education law is amended  by  adding  a
     2  new subdivision 6-i to read as follows:
     3    6-i.  Building  aid for approved expenditures for debt service for tax
     4  certiorari financing. In addition to the  apportionments  payable  to  a
     5  school  district  pursuant to subdivision six of this section, beginning
     6  with debt service in the two thousand twenty-one--two  thousand  twenty-
     7  two school year and thereafter, the commissioner is hereby authorized to
     8  apportion  to  any  school  district additional building aid pursuant to
     9  this subdivision for its approved debt service expenditures for  financ-
    10  ing  the  cost  of  a  tax certiorari, where the total value of the bond
    11  exceeds the total general fund expenditures for the school district  for
    12  the  year  prior to the year in which the school district first receives
    13  bond proceeds. In order to have such debt service expenditures approved,
    14  the school district shall submit to the commissioner, in a  form  he  or
    15  she  prescribes,  documentation  relating  to the issuance of such bond,
    16  including but not limited to the original tax  certiorari,  the  amorti-
    17  zation  schedule of such bond, and any other documentation deemed neces-
    18  sary. Provided, however, that in the event it refunds the original  bond
    19  at  any point, the school district shall provide such updated documenta-
    20  tion as required by  the  commissioner,  who  shall  adjust  the  annual
    21  approved  expenditures  accordingly. Such aid shall equal the product of
    22  the sum of (1) the building aid ratio defined pursuant to paragraph c of
    23  subdivision six of this section plus (2) one-tenth (0.1)  multiplied  by
    24  the  actual approved debt service expenditures incurred in the base year
    25  pursuant to this subdivision.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05921-01-1
        S. 1674                             2

     1    § 2. This act shall take effect immediately.   Effective  immediately,
     2  the  addition,  amendment and/or repeal of any rule or regulation neces-
     3  sary for the implementation of  this  act  on  its  effective  date  are
     4  authorized to be made and completed on or before such effective date.