Bill Text: NY S07253 | 2023-2024 | General Assembly | Amended

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Bill Title: Establishes the power plant tax assessment 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 (Republican 1-0)

Status: (Introduced) 2023-06-08 - SUBSTITUTED BY A5142B [S07253 Detail]

Download: New_York-2023-S07253-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7253--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 19, 2023
                                       ___________

        Introduced  by  Sen.  CANZONERI-FITZPATRICK  --  read  twice and ordered
          printed, and when printed to be committed to the Committee  on  Educa-
          tion  --  committee  discharged,  bill  amended,  ordered reprinted as
          amended and recommitted to said committee

        AN ACT relating to establishing the Island Park  LIPA  power  plant  tax
          assessment reserve fund

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

     1    Section 1.  Legislative findings. The legislature  hereby  finds  that
     2  the  tax certiorari settlement between Nassau County and the Long Island
     3  Power Authority regarding the Island Park  Power  Plant  may  result  in
     4  instability  in  the real property tax base and the budget of the Island
     5  Park union free school district due to a decrease in  revenue  or  taxes
     6  and/or a significant shift in tax liability to the taxpayers.
     7    § 2. Definitions. As used in this act:
     8    (a) "Board of education" or "board" shall mean the board of  education
     9  of the Island Park union free school district.
    10    (b) "Power plant tax assessment reserve fund" or "fund" shall mean the
    11  power  plant tax assessment reserve fund  established  pursuant  to this
    12  act.
    13    (c)  "School  district"  or  "district"   shall mean the  Island  Park
    14  union free school district.
    15    §  3.  Power plant tax assessment reserve fund. The board of education
    16  is hereby authorized to establish a power plant tax  assessment  reserve
    17  fund  to lessen or prevent increases in the school district's real prop-
    18  erty tax levy and/or tax rate resulting from  decreases  in  revenue  or
    19  taxes  or  a  significant shift in tax liability due to a tax certiorari
    20  settlement or judgment provided, however, that no  such  fund  shall  be
    21  established unless approved by a majority vote of the voters present and
    22  voting  on  a  separate  ballot proposition therefor at either a special
    23  district meeting which the board of education may call for such  purpose

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09707-04-3
        S. 7253--A                          2

     1  or  at  the  annual  district  meeting  and  election, to be noticed and
     2  conducted in either case in accordance with article 41 of the  education
     3  law.  Such  separate  proposition  shall set forth the maximum allowable
     4  balance  to  be  deposited  and  held  in the power plant tax assessment
     5  reserve fund. Moneys shall be paid into and withdrawn from the fund  and
     6  the fund shall be administered as follows:
     7    (a) For any school district fiscal year commencing after the effective
     8  date  of  this  act  and  after the establishment of the power plant tax
     9  assessment reserve fund, the board of  education  may  receive  payments
    10  into  its  power  plant  tax assessment reserve fund from any sources of
    11  revenue resulting from a settlement with the Long Island Power  Authori-
    12  ty;  provided  that  no payment into the fund shall cause the balance of
    13  the fund to exceed the amount approved in the ballot proposition  pursu-
    14  ant to this subdivision.
    15    (b)  Moneys  may  be  withdrawn  from  the  power plant tax assessment
    16  reserve fund by resolution of the board  for  any  fiscal  year,  to  be
    17  expended  for  any lawful purpose, to lessen or prevent increases in the
    18  district's tax levy and/or tax rate. Withdrawals from the fund shall  be
    19  disclosed  in a manner consistent with the required disclosures of simi-
    20  lar reserve funds held by the district, including  disclosures  required
    21  by the property tax report card prepared by the district pursuant to the
    22  provisions  of  subdivision  7 of section 1716 of the education law; and
    23  deposits and withdrawals made in each fiscal year shall  be  subject  to
    24  the district's annual budget approval process.
    25    (c) The moneys in the power plant tax assessment reserve fund shall be
    26  deposited,  invested  and  accounted  for  in the manner provided for in
    27  subdivisions 2 and 6 of section 3651 and section 3652 of  the  education
    28  law.
    29    § 4. This act shall take effect immediately.