Bill Text: NY S06395 | 2011-2012 | General Assembly | Amended
Bill Title: Relates to assumed amortization for school projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Vetoed) 2012-08-01 - VETOED MEMO.138 [S06395 Detail]
Download: New_York-2011-S06395-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6395--B
I N S E N A T E
February 3, 2012
___________
Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and
when printed to be committed to the Committee on Education -- reported
favorably from said committee and committed to the Committee on
Finance -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee
AN ACT to amend the education law, in relation to assumed amortization
for school projects
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Clause (b) of subparagraph 3 of paragraph e of subdivision
2 6 of section 3602 of the education law, as amended by section 4 of
3 subpart F of part C of chapter 97 of the laws of 2011, is amended to
4 read as follows:
5 (b) Such assumed amortization for a project approved by the commis-
6 sioner on or after the later of the first day of December, two thousand
7 one or thirty days after the date upon which this subdivision shall have
8 become a law and prior to the first day of July, two thousand eleven or
9 for any debt service related to projects approved by the commissioner
10 prior to such date where a bond, capital note or bond anticipation note
11 is first issued on or after the first day of December, two thousand one
12 to fund such projects, shall commence: (i) eighteen months after such
13 approval or (ii) on the date of receipt by the commissioner of a certif-
14 ication by the district that a general construction contract has been
15 awarded for such project by the district, whichever is later, and such
16 assumed amortization for a project approved by the [commissioner] VOTERS
17 OF THE SCHOOL DISTRICT OR BY THE BOARD OF EDUCATION OF A CITY SCHOOL
18 DISTRICT IN A CITY WITH MORE THAN ONE HUNDRED TWENTY-FIVE THOUSAND
19 INHABITANTS BUT LESS THAN ONE MILLION INHABITANTS, on or after the first
20 day of July, two thousand eleven shall commence: (iii) eighteen months
21 after such approval or (iv) on the date of receipt by the commissioner
22 of both the final certificate of substantial completion of the project
23 issued by the architect or engineer and the final cost report for such
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14225-04-2
S. 6395--B 2
1 project, whichever is later or (v) upon the date of a finding by the
2 commissioner that the certificate of substantial completion of the
3 project has been issued by the architect or engineer, but the district
4 is unable to complete the final cost report because of circumstances
5 beyond the control of the district. Such assumed amortization shall
6 provide for equal semiannual payments of principal and interest based on
7 an interest rate established pursuant to subparagraph five of this para-
8 graph for such purpose for the school year during which such certif-
9 ication is received. The first installment of obligations issued by the
10 school district in support of such projects may mature not later than
11 the dates established pursuant to sections 21.00 and 22.10 of the local
12 finance law.
13 S 2. This act shall take effect immediately.
