|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jul 30, 2010 |
vetoed memo.6734 |
| Jul 19, 2010 |
delivered to governor |
| Jun 28, 2010 |
returned to senate passed assembly ordered to third reading rules cal.390 substituted for a10159 |
| Jun 28, 2010 |
substituted by s7315 |
| Jun 25, 2010 |
ordered to third reading rules cal.390 rules report cal.390 reported reported referred to rules |
| Jun 16, 2010 |
reported referred to ways and means |
| Mar 08, 2010 |
referred to education |
Assembly Bill A10159
Vetoed By Governor2009-2010 Legislative Session
Sponsored By
PRETLOW
Archive: Last Bill Status Via S7315 - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
2009-A10159 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7315
- Law Section:
- Mount Vernon, City of
2009-A10159 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10159
TITLE OF BILL: An act to authorize the city school district of the
city of Mount Vernon to finance a deficit by the issuance of serial
bonds and/or bond anticipation notes and providing for other matters
in connection therewith
PURPOSE: This legislation would allow the school district to convert
this outstanding obligation into a deficit reduction bond as a revenue
source and would provide a longer time frame for repayment.
JUSTIFICATION: The enactment of this bill would allow the school
district to maintain the current level of repayment of the budget and
not require a further increase in the property tax levy. However, If
such legislation is not approved, the school district will need to
identify 4.4 million else where in the 2009-10 budget of $203,175,490
that could be reallocated to the expenditure function to cover the
balance of the principle repayment of the budget note. Finding
sufficient funds is not likely due to the loss of "spin up" lottery
aid of $5,000,000 from the Governor's veto and continued pressure on
special education costs. This could cause the district to default and
severely impact its .already weak credit rating. Repayment of this
amount by a budget appropriation in the up coming 2010-11 budget would
require an additional property tax increase of almost 4%. during a.
budget already -adversely effected by reductions' in state aid of
$6,449,000. Since repayment of a budget is not a contingent item,
2009-A10159 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
10159
I N A S S E M B L Y
March 8, 2010
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Education
AN ACT to authorize the city school district of the city of Mount Vernon
to finance a deficit by the issuance of serial bonds and/or bond
anticipation notes and providing for other matters in connection ther-
ewith
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The city school district of the city of Mount Vernon (here-
inafter referred to in this act as the "district"), in the county of
Westchester, is hereby authorized to issue serial bonds, subject to the
provisions of section 10.10 of the local finance law, on or before June
30, 2010, in an aggregate principal amount not to exceed six million
dollars ($6,000,000.00) for the specific object or purpose of liquidat-
ing actual deficits in its general fund and school lunch fund at the
close of the fiscal year ending June 30, 2009. In anticipation of the
issuance and sale of such serial bonds, bond anticipation notes are
hereby authorized to be issued.
S 2. The specific object or purpose referred to in section one of this
act is hereby declared to be a public purpose which the district is
hereby authorized to accomplish and the period of probable usefulness
thereof is hereby authorized to be ten years.
S 3. Notwithstanding the provisions of any other law, general, special
or local, the board of education of the district is hereby authorized to
levy a tax to be collected in annual installments sufficient to pay the
principal of and interest on said bonds and bond anticipation notes and
to adopt a bond resolution authorizing the serial bonds authorized to be
issued pursuant to this act.
S 4. Amounts provided from the proceeds of obligations issued pursuant
to this act in excess of the amount of the deficit as confirmed by the
state comptroller shall be accounted for in the same manner as
prescribed by the state comptroller pursuant to section 36 of the gener-
al municipal law for real property taxes levied for a planned balance
pursuant to subdivision 21 of section 2021 of the education law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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