A5655A-2011 Actions

• Jan 4, 2012: referred to education
• Jun 10, 2011: print number 5655a
• Jun 10, 2011: amend and recommit to education
• Feb 24, 2011: referred to education

A5655A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 5655--A
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 February 24, 2011
 
 Introduced by M. of A. MURRAY -- read once and referred to the Committee
 on  Education -- committee discharged, bill amended, ordered reprinted
 as amended and recommitted to said committee
 

AN ACT in relation to establishing a reserve fund to  liquidate  certain
 serial  bonds  issued  to  the  Patchogue-Medford  union  free  school
 district
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1. Notwithstanding the provisions of article 74 of the educa
 tion law, the Patchogue-Medford union free  school  district  is  hereby
 authorized  to  establish  a reserve fund for the purpose of liquidating
 any serial bonds issued pursuant to chapter 109 of the laws of 2006.
 

S 2. Notwithstanding any other provision of law, rule or regulation to
 the contrary, the  Patchogue-Medford  union  free  school  district  may
 transfer  monies  from  the  general fund of such school district to the
 reserve fund created by this act,  provided  however,  that  the  amount
 transferred  from the general fund shall not exceed the amount necessary
 to liquidate the serial bonds issued pursuant to chapter 109 of the laws
 of 2006.
 

S 3.  The reserve fund authorized by this act shall not be established
 (a) until approved by a majority vote of the  qualified  voters  of  the
 district  voting  on  a  proposition  therefor submitted at a regular or
 special school district meeting and (b) unless the notice of such  meet
 ing  shall  have  stated  that a proposition to establish a reserve fund
 would be so submitted, the purpose of  the  fund,  the  ultimate  amount
 thereof,  its probable term and the source from which the funds would be
 obtained. The proposition shall specify the purpose for which  the  fund
 is  established,  the  ultimate amount, the probable term and the source
 from which the funds are to be obtained. There shall be  paid  into  any
 such  fund  an  annual amount sufficient to meet the requirements of the
 proposition. In addition, the voters may from time to  time  direct  the
 school  authorities  to pay into such fund moneys derived from any other
 source.
 

S 4. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04932-02-1

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