Bill Text: NY S01884 | 2023-2024 | 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) 2024-01-03 - REFERRED TO EDUCATION [S01884 Detail]

Download: New_York-2023-S01884-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1884

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 17, 2023
                                       ___________

        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-j to read as follows:
     3    6-j.  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-three--two  thousand  twen-
     7  ty-four  school  year and thereafter, the commissioner is hereby author-
     8  ized to apportion to any school district additional building aid  pursu-
     9  ant  to  this subdivision for its approved debt service expenditures for
    10  financing the cost of a tax certiorari, where the  total  value  of  the
    11  bond exceeds the total general fund expenditures for the school district
    12  for  the  year  prior  to  the  year  in which the school district first
    13  receives bond proceeds. In order to have such debt service  expenditures
    14  approved,  the  school  district  shall submit to the commissioner, in a
    15  form he or she prescribes, documentation relating  to  the  issuance  of
    16  such bond, including but not limited to the original tax certiorari, the
    17  amortization  schedule  of such bond, and any other documentation deemed
    18  necessary. Provided, however, that in the event it refunds the  original
    19  bond  at  any  point,  the  school  district  shall provide such updated
    20  documentation as required by the  commissioner,  who  shall  adjust  the
    21  annual approved expenditures accordingly. Such aid shall equal the prod-
    22  uct  of  the sum of (1) the building aid ratio defined pursuant to para-
    23  graph c of subdivision six of this  section  plus  (2)  one-tenth  (0.1)
    24  multiplied  by the actual approved debt service expenditures incurred in
    25  the base year pursuant to this subdivision.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04580-01-3
        S. 1884                             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.