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S07325 Summary:

S07325 Actions:

S07325 Committee Votes:

S07325 Floor Votes:

S07325 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7325--B
 
                    IN SENATE
 
                                     April 15, 2016
                                       ___________
 
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Local  Government  --
          reported  favorably from said committee and committed to the Committee
          on Finance -- committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee -- reported  favorably  from
          said  committee  and  committed to the Committee on Rules -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
 
        AN ACT to establish an energy system tax stabilization reserve  fund  in
          the Lowville Central School District to lessen or prevent increases in
          the school district's real property tax levy
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Legislative findings. The legislature hereby finds that the
     2  private development and ownership of wind energy systems located  within
     3  the  Lowville  Central  School District may result in instability in the
     4  real property tax base and the budgets of the district due to the uncer-
     5  tainty with the assessments of such wind energy systems  and  the  vari-
     6  ability  of payments in lieu of taxes prior to and after the payments in
     7  lieu of taxes terminate.
     8    § 2. Definitions. As used in this act:
     9    (a) "Board of education" or "board" means the board  of  education  of
    10  the Lowville Central School District.
    11    (b) "Energy system tax stabilization reserve fund" or "fund" means the
    12  energy system tax stabilization fund established pursuant to this act.
    13    (c)  "Payments  in lieu of taxes" or "payments" means payments in lieu
    14  of taxes receivable by the school district pursuant to contracts entered
    15  into in accordance with section 487 of the  real  property  tax  law  or
    16  subdivision  15  of section 858 of the general municipal law on any wind
    17  farm energy system located  wholly  or  partially  within  the  Lowville
    18  Central School District.
    19    (d)  "School district" or "district" means the Lowville Central School
    20  District.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14731-04-6
        S. 7325--B                          2
 
     1    (e) "Wind energy systems" shall be defined as in section  487  of  the
     2  real  property  tax law and shall include the land upon which the system
     3  is located, any equipment used in such generation, and equipment leading
     4  from the system to the interconnection with the transmission system.
     5    § 3. The board of education is hereby authorized to establish an ener-
     6  gy  system tax stabilization reserve fund to lessen or prevent increases
     7  in the school district's real property tax levy resulting from decreases
     8  in revenue due to changes in or termination of the payments in  lieu  of
     9  taxes  receivable by the school district provided, however, that no such
    10  fund shall be established unless approved by  a  majority  vote  of  the
    11  voters  present  and voting on a separate ballot proposition therefor at
    12  either a special district meeting which the board of education may  call
    13  for  such  purpose or at the annual district meeting and election, to be
    14  noticed and conducted in either case in accordance with  article  41  of
    15  the  education law.  Such separate proposition shall set forth the maxi-
    16  mum allowable balance to be deposited and  held  in  the  energy  system
    17  stabilization reserve fund. Moneys shall be paid into and withdrawn from
    18  the fund and the fund shall be administered as follows:
    19    (a)  The board of education is hereby authorized to make payments into
    20  the energy  system  tax  stabilization  reserve  fund  with  funds  from
    21  payments  in lieu of taxes, as defined in subdivision (c) of section two
    22  of this act which accrued prior  to  the  establishment  of  the  energy
    23  system  tax  stabilization  reserve  fund in an amount not to exceed the
    24  balance over any maximum  allowable  balance  in  such  unassigned  fund
    25  balance  and  from  any  reserve  funds authorized or required by law in
    26  amounts which the board of education shall determine are not  reasonably
    27  necessary  for the purpose of such fund or funds and which accrued prior
    28  to the establishment of the energy system tax stabilization reserve fund
    29  provided that no such payment from any unassigned fund  balance  or  any
    30  reserve  fund  shall  cause the balance of the fund to exceed the amount
    31  approved in the ballot proposal described above.
    32    (b) For any school district fiscal year commencing after the effective
    33  date of this act and  after  the  establishment  of  the  energy  system
    34  stabilization  reserve  fund,  the board of education may determine that
    35  there shall be paid into the fund all or any portion of  the  amount  by
    36  which  the  payments  in lieu of taxes receivable by the school district
    37  for such fiscal year is greater than the amount of payments received  by
    38  the  school district for the preceding fiscal year provided that no such
    39  payment into the reserve fund shall cause the balance  of  the  fund  to
    40  exceed the amount approved in the ballot proposal described above.
    41    (c)  Moneys  may be withdrawn from the energy system tax stabilization
    42  reserve fund for any fiscal year to be expended for any lawful  purpose.
    43  Withdrawals from the fund shall be disclosed in a manner consistent with
    44  the  required disclosures of similar reserve funds held by the district,
    45  including disclosures required by the property tax report card  prepared
    46  by  the  district pursuant to the provisions of subdivision 7 of section
    47  1716 of the education law; and deposits and  withdrawals  made  in  each
    48  fiscal  year  shall  be subject to the district's annual budget approval
    49  process.
    50    (d) The moneys in the energy system stabilization reserve  fund  shall
    51  be  deposited,  invested and accounted for in the manner provided for in
    52  subdivisions 2 and 6 of section 3651 and  section 3652 of the  education
    53  law.
    54    § 4. This act shall take effect immediately.