S T A T E O F N E W Y O R K
I N S E N A T E
March 29, 2010
Introduced by Sen. HASSELL-THOMPSON -- read twice and ordered printed,
and when printed to be committed to the Committee 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-
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.
S. 7315 2
S 5. 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 6. 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
S 7. This act shall take effect immediately.