Bill S5347-2011

Authorizes the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

Authorizes the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.

Details

Actions

  • Jan 4, 2012: REFERRED TO EDUCATION
  • Jan 4, 2012: returned to senate
  • Jan 4, 2012: died in assembly
  • Jun 14, 2011: referred to education
  • Jun 14, 2011: DELIVERED TO ASSEMBLY
  • Jun 14, 2011: PASSED SENATE
  • Jun 13, 2011: ORDERED TO THIRD READING CAL.1161
  • Jun 11, 2011: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 10, 2011: REFERRED TO EDUCATION

Votes

Memo

BILL NUMBER:S5347

TITLE OF BILL: An act to authorize the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

PURPOSE: To allow the Tully Central School District to bond the funds in the amount of $210,000 with a repayment period over 15 years in order to settle pending litigation.

SUMMARY OF PROVISIONS: Section 1 authorizes the Tully Central School District to issue serial bonds in the amount of $210,000 to settle pending litigation and authorizes the issuance of bond anticipation notes.

Section 2 declares the purpose of the bill to be a public purpose that the school district is authorized to accomplish and authorizes a 15-year period of probable usefulness thereof.

Section 3 authorizes the Tully Central School District Board of Education to levy an annual tax sufficient to pay principal and interest on the bonds and to adopt a bond resolution authorizing the serial bonds authorized by this act.

Section 4 requires for purposes of subdivision 4 of section 2023 of the Education Law that expenditures for debt service shall be disregarded in determining total spending under a contingency budget.

Section 5 contains the severability clause.

Section 6 contains the effective date.

JUSTIFICATION: On April 13, 2011, the Tully Board of Education, by a unanimous vote, passed a resolution requesting legislation to be introduced in the New York State Legislature to authorize the school district to pond certain funds pertaining to a settlement.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5347 2011-2012 Regular Sessions IN SENATE May 10, 2011 ___________
Introduced by Sen. VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to authorize the Tully central school district to finance a liti- gation settlement by the issuance of serial bonds and/or anticipation notes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The Tully central school district (hereinafter referred to in this act as the "district"), in the counties of Onondaga and Cort- land, 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, 2012, in an aggregate principal amount not to exceed two hundred ten thousand dollars ($210,000) for the specific object or purpose of settl- ing pending litigation regarding a construction and renovation project on the school campus. In anticipation of the issuance and sale of such serial bonds, bond anticipation notes are hereby authorized to be issued. S 2. Notwithstanding the provisions of any other law, general, special or local, to the contrary, including section 11.00 of the local finance law, 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 fifteen 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. For purposes of subdivision 4 of section 2023 of the education law, expenditures for debt service on obligations issued pursuant to
this act shall be disregarded in determining the total spending of the district under a contingency budget. S 5. If any clause, sentence, subdivision, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, subdivision, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered. S 6. This act shall take effect immediately.

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