Establishes the Northport-East Northport LIPA power plant tax assessment challenge 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.
STATE OF NEW YORK
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10235
IN ASSEMBLY
May 11, 2022
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Stern,
K. Brown) -- read once and referred to the Committee on Education
AN ACT to amend the education law, in relation to establishing the
Northport-East Northport LIPA power plant tax assessment challenge
reserve fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 3654
2 to read as follows:
3 § 3654. Northport-East Northport LIPA power plant tax assessment chal-
4 lenge reserve fund. 1. Definitions. As used in this section:
5 (a) "Board of education" or "board" shall mean the board of education
6 of the Northport-East Northport union free school district.
7 (b) "Northport-East Northport LIPA power plant tax assessment chal-
8 lenge reserve fund" or "fund" shall mean the Northport-East Northport
9 LIPA power plant tax assessment challenge reserve fund established
10 pursuant to this section.
11 (c) "School district" or "district" shall mean the Northport-East
12 Northport union free school district.
13 2. The board of education is hereby authorized to establish a North-
14 port-East Northport LIPA power plant tax assessment challenge reserve
15 fund to reserve against, or lessen or prevent increases in the school
16 district's real property tax levy and/or tax rate resulting from
17 decreases in revenue or taxes or a significant shift in tax liability
18 due to a tax certiorari settlement or judgment provided, however, that
19 no such fund shall be established unless approved by a majority vote of
20 the voters present and voting on a separate ballot proposition therefor
21 at either a special district meeting which the board of education may
22 call for such purpose or at the annual district meeting and election, to
23 be noticed and conducted in either case in accordance with article
24 forty-one of this chapter. Such separate proposition shall set forth the
25 maximum allowable balance to be deposited and held in the Northport-East
26 Northport LIPA power plant tax assessment challenge reserve fund. Moneys
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08722-12-2
A. 10235 2
1 shall be paid into and withdrawn from the fund and the fund shall be
2 administered as follows:
3 (a) The board of education is hereby authorized to receive payments
4 into its Northport-East Northport LIPA power plant tax assessment chal-
5 lenge reserve fund from any available funds or sources of revenue,
6 including any surplus from an existing reserve fund.
7 (b) Moneys may be withdrawn from the Northport-East Northport LIPA
8 power plant tax assessment challenge reserve fund by resolution of the
9 board for any fiscal year, to be expended for any lawful purpose, to
10 lessen or prevent increases in the district's tax levy. Withdrawals
11 from the fund shall be disclosed in a manner consistent with the
12 required disclosures of similar reserve funds held by the district,
13 including disclosures required by the property tax report card prepared
14 by the district pursuant to the provisions of subdivision seven of
15 section seventeen hundred sixteen of this chapter.
16 § 2. This act shall take effect immediately.