Authorizes the expenditure and temporary transfer of reserve funds for expenses related to COVID-19; authorizes the extension of repayment of inter-fund advances made for expenses related to COVID-19, in relation to extending the period of time for reimbursement of funds to the reserve fund from which the funds were transferred; provides that such funds shall be fully reimbursed by the end of the tenth fiscal year, starting two years after the fiscal year following the transfer; requires any such transfer shall be noted in the school district's annual audit report.
STATE OF NEW YORK
________________________________________________________________________
6214
2021-2022 Regular Sessions
IN ASSEMBLY
March 10, 2021
___________
Introduced by M. of A. THIELE -- read once and referred to the Committee
on Local Governments
AN ACT to amend chapter 157 of the laws of 2020, relating to authorizing
the expenditure and temporary transfer of reserve funds for expenses
related to COVID-19; and to authorize the extension of repayment of
inter-fund advances made for expenses related to COVID-19, in relation
to extending the period of time for reimbursement of funds to the
reserve fund from which the funds were transferred
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 3 of chapter 157 of the laws of 2020, relating to
2 authorizing the expenditure and temporary transfer of reserve funds for
3 expenses related to COVID-19; and to authorize the extension of repay-
4 ment of inter-fund advances made for expenses related to COVID-19, is
5 amended to read as follows:
6 § 3. Notwithstanding any provision of the general municipal law, the
7 town law or the education law to the contrary, the governing board of a
8 town, village, county, city, water improvement district, sewer improve-
9 ment district, fire district or school district, by resolution which
10 shall not be subject to referendum requirements, if any, may authorize
11 the temporary transfer of moneys from reserve funds to pay for operating
12 costs or other costs attributable to the COVID-19 pandemic, provided,
13 that the reserve fund from which the funds were temporarily transferred
14 shall be reimbursed from the fund to which the transfer was made over a
15 period of not more than [five] ten fiscal years, starting with the
16 fiscal year following the transfer. [At least twenty percent of the
17 moneys temporarily transferred shall be reimbursed each fiscal year.
18 Such reimbursement shall include an additional amount reasonably esti-
19 mated to be the amount that would have been earned on the investment of
20 the transferred moneys had they been retained in the capital reserve
21 fund.] Such funds shall be fully reimbursed by the end of the tenth
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09448-02-1
A. 6214 2
1 fiscal year, starting two years after the fiscal year following the
2 transfer. Any such transfer shall be noted in the school district's
3 annual audit report prescribed in paragraph (a) of subdivision three of
4 section 2116-a of the education law.
5 § 2. This act shall take effect immediately.
