Bill Text: NY S09358 | 2021-2022 | General Assembly | Introduced

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Bill Title: Establishes the Northport-East Northport 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: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2022-05-31 - referred to education [S09358 Detail]

Download: New_York-2021-S09358-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9358

                    IN SENATE

                                      May 19, 2022
                                       ___________

        Introduced  by Sen. GAUGHRAN -- 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  establishing  the
          Northport-East  Northport  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. Northport-East Northport LIPA power plant tax assessment chal-
     4  lenge reserve fund. 1. Definitions. As used in this section:
     5    (a) "Board of education" or "board" shall mean the board of  education
     6  of the Northport-East Northport union free school district.
     7    (b)  "Northport-East Northport LIPA power plant tax  assessment  chal-
     8  lenge  reserve  fund"  or "fund" shall mean the Northport-East Northport
     9  LIPA power plant tax assessment  challenge  reserve  fund    established
    10  pursuant  to this section.
    11    (c)  "School  district"  or  "district"  shall mean the Northport-East
    12  Northport union free school district.
    13    2.  The  board of education is hereby authorized to establish a North-
    14  port-East Northport LIPA power plant tax  assessment  challenge  reserve
    15  fund  to  reserve against, or lessen or prevent increases  in the school
    16  district's real  property  tax  levy  and/or  tax  rate  resulting  from
    17  decreases  in  revenue  or taxes or a significant shift in tax liability
    18  due to a tax certiorari settlement or judgment provided,  however,  that
    19  no  such fund shall be established unless approved by a majority vote of
    20  the voters present and voting on a separate ballot proposition  therefor
    21  at  either  a  special district meeting which the board of education may
    22  call for such purpose or at the annual district meeting and election, to
    23  be noticed and conducted in  either  case  in  accordance  with  article
    24  forty-one of this chapter. Such separate proposition shall set forth the
    25  maximum allowable balance to be deposited and held in the Northport-East
    26  Northport LIPA power plant tax assessment challenge reserve fund. Moneys

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08722-12-2
        S. 9358                             2

     1  shall  be  paid  into  and withdrawn from the fund and the fund shall be
     2  administered as follows:
     3    (a)  The  board  of education is hereby authorized to receive payments
     4  into  its Northport-East Northport LIPA power plant tax assessment chal-
     5  lenge reserve fund  from  any  available funds or  sources  of  revenue,
     6  including any surplus from an existing reserve fund.
     7    (b)  Moneys  may  be  withdrawn from the Northport-East Northport LIPA
     8  power  plant  tax assessment challenge reserve fund by resolution of the
     9  board for any fiscal year, to be expended for any   lawful  purpose,  to
    10  lessen    or  prevent  increases in the district's tax levy. Withdrawals
    11  from the fund shall  be  disclosed  in  a  manner  consistent  with  the
    12  required  disclosures  of  similar  reserve  funds held by the district,
    13  including  disclosures required by the property tax report card prepared
    14  by the district pursuant to  the  provisions  of  subdivision  seven  of
    15  section  seventeen  hundred  sixteen  of  this chapter.
    16    § 2. This act shall take effect immediately.