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S06549 Summary:

S06549 Actions:

S06549 Committee Votes:

S06549 Floor Votes:

S06549 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6549
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                     April 26, 2023
                                       ___________
 
        Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to amend the local finance law, in relation to the contracting of
          indebtedness by city school districts
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraphs  b,  c  and  d  of section 104.00 of the local
     2  finance law, paragraphs b and c as added by chapter 831 of the  laws  of
     3  1951  and paragraph d as amended by chapter 424 of the laws of 2001, are
     4  amended to read as follows:
     5    b. No county, city, town[,] or village [or school district in a  city]
     6  shall  contract  indebtedness  for  any  purpose or in any manner which,
     7  including existing indebtedness, shall exceed an  amount  equal  to  the
     8  following  percentages  of  the  average  full valuation of such county,
     9  city, town[,] or village [or school district]:
    10    1. The county of Nassau, for county purposes, ten per centum;
    11    2. Any county, other than the county of Nassau, for  county  purposes,
    12  seven per centum;
    13    3. The city of New York, for city purposes, ten per centum;
    14    4. Any city, other than the city of New York, having one hundred twen-
    15  ty-five  thousand  or  more  inhabitants according to the latest federal
    16  census, for city purposes[;], nine per centum;
    17    5. Any city having less than one hundred twenty-five thousand inhabit-
    18  ants according to the latest federal census, for city purposes, [exclud-
    19  ing education purposes,] seven per centum;
    20    6. Any town, for town purposes, seven per centum; and
    21    7. Any village, for village purposes, seven per centum[; and
    22    8. Any school district in a city, for  education  purposes,  five  per
    23  centum].
    24    c.  [Notwithstanding the provisions of paragraph b of this section any
    25  school district in a city may issue bonds, bond  anticipation  notes  or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10983-01-3
        S. 6549                             2

     1  capital notes for a specific object or purpose, and, where authorized by
     2  this  chapter,  for  a class of objects or purposes, in an amount which,
     3  including existing indebtedness, shall exceed an amount  equal  to  five
     4  per  centum  of  the  average  full  valuation  of such school district,
     5  provided:
     6    1. The tax voted to be collected in installments in relation  thereto,
     7  or the proposition for the approval of a bond resolution or capital note
     8  resolution  in  relation  thereto, shall have been voted or approved, as
     9  the case may be, by at least a sixty per centum vote  of  the  qualified
    10  voters  voting  thereon  in person at the meeting or election called for
    11  such purpose;
    12    2. The proposition to authorize the tax to be  collected  in  install-
    13  ments in relation thereto, or the proposition for the approval of a bond
    14  resolution  or  capital note resolution in relation thereto, contained a
    15  statement to the effect that the obligations to be issued may be  issued
    16  in  excess of the constitutional debt limitation of the school district;
    17  and
    18    3. The board of regents and  the  state  comptroller  severally  shall
    19  consent thereto.
    20    d.] A school district, [other than a school district in a city, having
    21  an  aggregate assessed valuation of taxable real property of one hundred
    22  thousand dollars or over,] except  for  the  payment  of  judgments,  or
    23  compromised  or settled claims against the school district, or awards or
    24  sums payable by the school district pursuant to  a  determination  by  a
    25  court,  or  an  officer,  body  or agency acting in an administrative or
    26  quasi-judicial capacity, shall not  issue  bonds  or  bond  anticipation
    27  notes, if the indebtedness of the school district determined pursuant to
    28  section  137.00  of this [chapter] article will exceed ten per centum of
    29  the full valuation of the real  property  subject  to  taxation  by  the
    30  school district, unless:
    31    1.  The tax voted to be collected in installments in relation thereto,
    32  or the proposition for the approval of a  bond  resolution  in  relation
    33  thereto,  shall  have been voted or approved, as the case may be, before
    34  July first, nineteen hundred sixty-three, by at least a two thirds vote,
    35  or on and after July first, nineteen hundred sixty-three, by at least  a
    36  sixty  per centum vote, of the qualified voters voting thereon in person
    37  at the meeting or election called for such purpose;
    38    2. The board of regents shall consent thereto; and
    39    3. In a school district located wholly or  partly  in  the  Adirondack
    40  park  which  has  within its boundaries state lands subject to taxation,
    41  the full valuation of which is more than thirty per centum of  the  full
    42  valuation  of  the  real  property  subject  to  taxation  by the school
    43  district, the state comptroller, on behalf  of  the  state,  also  shall
    44  consent thereto.
    45    §  2.  This  act  shall  take  effect on the same date as a concurrent
    46  resolution of the senate and assembly proposing an amendment to  section
    47  4  of article 8 of the constitution, in relation to limitations on local
    48  indebtedness, as proposed in legislative bills numbers S.  5025  and  A.
    49  1771-A, takes effect.