Bill Text: NY S05692 | 2011-2012 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO EDUCATION [S05692 Detail]

Download: New_York-2011-S05692-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5692
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     June 10, 2011
                                      ___________
       Introduced  by  Sen.  ZELDIN -- read twice and ordered printed, and when
         printed to be committed 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.  The reserve fund authorized by this act shall not be established
   13  (a) until approved by a majority vote of the  qualified  voters  of  the
   14  district  voting  on  a  proposition  therefor submitted at a regular or
   15  special school district meeting and (b) unless the notice of such  meet-
   16  ing  shall  have  stated  that a proposition to establish a reserve fund
   17  would be so submitted, the purpose of  the  fund,  the  ultimate  amount
   18  thereof,  its probable term and the source from which the funds would be
   19  obtained. The proposition shall specify the purpose for which  the  fund
   20  is  established,  the  ultimate amount, the probable term and the source
   21  from which the funds are to be obtained. There shall be  paid  into  any
   22  such  fund  an  annual amount sufficient to meet the requirements of the
   23  proposition. In addition, the voters may from time to  time  direct  the
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04932-03-1
       S. 5692                             2
    1  school  authorities  to pay into such fund moneys derived from any other
    2  source.
    3    S 4. This act shall take effect immediately.