STATE OF NEW YORK
________________________________________________________________________
7540
2017-2018 Regular Sessions
IN ASSEMBLY
May 1, 2017
___________
Introduced by M. of A. ZEBROWSKI, SKOUFIS -- read once and referred 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-i to read as follows:
3 6-i. 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 seventeen-two thousand eighteen
7 school year and thereafter, the commissioner is hereby authorized to
8 apportion to any school district additional building aid pursuant to
9 this subdivision for its approved debt service expenditures for financ-
10 ing the cost of a tax certiorari, where the total value of the bond
11 exceeds the total general fund expenditures for the school district for
12 the year prior to the year in which the school district first receives
13 bond proceeds. In order to have such debt service expenditures approved,
14 the school district shall submit to the commissioner, in a form he or
15 she prescribes, documentation relating to the issuance of such bond,
16 including but not limited to the original tax certiorari, the amorti-
17 zation schedule of such bond, and any other documentation deemed neces-
18 sary. Provided, however, that in the event it refunds the original bond
19 at any point, the school district shall provide such updated documenta-
20 tion as required by the commissioner, who shall adjust the annual
21 approved expenditures accordingly. Such aid shall equal the product of
22 the sum of (1) the building aid ratio defined pursuant to paragraph c of
23 subdivision six of this section plus (2) one-tenth (0.1) multiplied by
24 the actual approved debt service expenditures incurred in the base year
25 pursuant to this subdivision.
26 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10951-01-7
