Bill Text: NY S07702 | 2017-2018 | General Assembly | Amended

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Bill Title: Authorizes all school districts to establish insurance reserve funds.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S07702 Detail]

Download: New_York-2017-S07702-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7702--A
            Cal. No. 570
                    IN SENATE
                                    February 9, 2018
                                       ___________
        Introduced by Sens. MARCHIONE, AKSHAR, AMEDORE, FUNKE, GALLIVAN, MURPHY,
          ORTT, PHILLIPS, RANZENHOFER, SEWARD -- read twice and ordered printed,
          and  when printed to be committed to the Committee on Local Government
          -- reported favorably from said committee, ordered to first and second
          report, ordered to a third reading,  amended  and  ordered  reprinted,
          retaining its place in the order of third reading
        AN  ACT  to  amend the general municipal law, in relation to authorizing
          all school districts to establish reserve funds
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (a) of subdivision 2 of section 6-n of the gener-
     2  al  municipal  law, as separately amended by chapters 414 and 416 of the
     3  laws of 2016, is amended to read as follows:
     4    (a) The governing board of any municipal corporation may  establish  a
     5  reserve  fund  to  be  known  as  the  insurance  reserve fund. Upon the
     6  creation of the fund, the municipality may make  expenditures  from  the
     7  fund  for  any  loss,  claim, action or judgment for which the municipal
     8  corporation is authorized or required to purchase or maintain insurance,
     9  except those kinds of risks for which insurance is  authorized  pursuant
    10  to  paragraph  one,  two,  three, fifteen, sixteen, seventeen, eighteen,
    11  twenty-two or twenty-three of subsection (a) of section one thousand one
    12  hundred thirteen of the insurance  law,  or  for  payments  in  lieu  of
    13  contributions under article eighteen of the labor law; provided however,
    14  that  no  municipality  shall make an expenditure from such fund for any
    15  loss, claim, action or judgment for which the municipal corporation  has
    16  established  a  reserve fund under any other provision of law; provided,
    17  further that [the Scarsdale union free school district  and  the  Vernon
    18  Verona  Sherrill central school district may establish insurance reserve
    19  funds in compliance with this section and article  seventy-four  of  the
    20  education  law  and the Minisink Valley central] any school district may
    21  establish insurance reserve funds in compliance with  this  section  and
    22  article  seventy-four  of  the  education  law,  in an amount and manner
    23  determined by a qualified and independent actuary certified by the Amer-
    24  ican Academy of Actuaries to  be  reasonable  and  necessary,  and  such
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14686-02-8
        S. 7702--A                          2
     1  school  districts  may make expenditures in compliance with this section
     2  and article seventy-four of the education law from such reserve fund for
     3  any loss, claim, action or judgment for which the school  districts  are
     4  authorized  or  required to purchase or maintain insurance for the kinds
     5  of risks for which insurance is authorized pursuant to  paragraph  three
     6  of  subsection  (a)  of section one thousand one hundred thirteen of the
     7  insurance law.
     8    § 2. This act shall take effect on the first of July  next  succeeding
     9  the date on which it shall have become a law.