Authorizes the Patchogue-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.
Law Section: Education
Law Section: Education
- 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
S T A T E O F N E W Y O R K
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