S5821-2011 Actions

• Jan 4, 2012: REFERRED TO EDUCATION
• Jan 4, 2012: returned to senate
• Jan 4, 2012: died in assembly
• Jun 21, 2011: referred to education
• Jun 21, 2011: DELIVERED TO ASSEMBLY
• Jun 21, 2011: PASSED SENATE
• Jun 21, 2011: ORDERED TO THIRD READING CAL.1447
• Jun 17, 2011: REFERRED TO RULES

S5821-2011 Meetings

S5821-2011 Calendars

S5821-2011 Votes

S5821-2011 Memo

BILL NUMBER:S5821

TITLE OF BILL:
An act
to amend the education law, in relation to assumed amortization for
certain school district projects approved by the commissioner

PURPOSE OR GENERAL IDEA OF BILL:
This bill changes the current penalty for the failure of school
district to file final cost reports. Under current law when a
district fails to file a final cost report the entire amount of aid on
the project is recovered. This bill would change that practice so
when a district fails to file the report aid will not be allocated to
the district until such report is filed.
Districts may obtain a waiver from the State education department for
larger projects that take multiple years.

SUMMARY OF PROVISIONS:
Section 1. Alters the statutory penalty for when a district fails to
file a final cost report.

JUSTIFICATION:
Current law reduces aid to districts for failure to file a final cost
report which can have a significant negative impact on school
district budgets.
This bill withholds aid but does not reduce it until a district files
its final cost report.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
Immediately.

S5821-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         5821
 2011-2012 Regular Sessions
 I N  SENATE
 June 17, 2011
 
 Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Rules
 

AN ACT to amend the education law, in relation to  assumed  amortization
 for certain school district projects approved by the commissioner
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1.  Clause (b) of subparagraph 3 of paragraph e of subdivision
 6 of section 3602 of the education law, as amended by section 1 of  part
 F of chapter 383 of the laws of 2001, is amended to read as follows:

 (b)  Such  assumed  amortization for a project approved by the commis
 sioner on or after the later of the first day of December, two  thousand
 one or thirty days after the date upon which this subdivision shall have
 become  a law AND PRIOR TO THE FIRST DAY OF JULY, TWO THOUSAND ELEVEN or
 for any debt service related to projects approved  by  the  commissioner
 prior  to such date where a bond, capital note or bond anticipation note
 is first issued [on or after such date] THE FIRST DAY OF  DECEMBER,  TWO
 THOUSAND  ONE to fund such projects, shall commence: (i) eighteen months
 after such approval or (ii) on the date of receipt by  the  commissioner
 of  a certification by the district that a general construction contract
 has been awarded for such project by the district, whichever  is  later,
 and SUCH ASSUMED AMORTIZATION FOR A PROJECT APPROVED BY THE COMMISSIONER
 ON  OR  AFTER THE FIRST DAY OF JULY, TWO THOUSAND ELEVEN SHALL COMMENCE:

 (III) EIGHTEEN MONTHS AFTER SUCH APPROVAL OR (IV) ON THE DATE OF RECEIPT
 BY THE  COMMISSIONER  OF  BOTH  THE  FINAL  CERTIFICATE  OF  SUBSTANTIAL
 COMPLETION  OF  THE  PROJECT ISSUED BY THE ARCHITECT OR ENGINEER AND THE
 FINAL COST REPORT FOR SUCH PROJECT, WHICHEVER IS LATER OR (V)  UPON  THE
 DATE  OF  A FINDING BY THE COMMISSIONER THAT THE CERTIFICATE OF SUBSTAN
 TIAL COMPLETION OF THE PROJECT HAS BEEN ISSUED BY THE ARCHITECT OR ENGI
 NEER, BUT THE DISTRICT IS UNABLE  TO  COMPLETE  THE  FINAL  COST  REPORT
 BECAUSE  OF  CIRCUMSTANCES  BEYOND  THE  CONTROL  OF  THE DISTRICT. SUCH
 ASSUMED AMORTIZATION shall provide  for  equal  semiannual  payments  of
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13198-01-1
 
       S. 5821                             2
 principal and interest based on an interest rate established pursuant to
 subparagraph five of this paragraph for such purpose for the school year
 during  which  such  certification is received. The first installment of
 obligations  issued  by  the school district in support of such projects
 may mature not later than the dates  established  pursuant  to  sections
 21.00 and 22.10 of the local finance law.
 

S 2. This act shall take effect immediately.

*By contributing or voting you agree to the Terms of Participation and Privacy Policy and verify you are over 13.

Discuss!