senate Bill S6395

Vetoed Amended

Relates to assumed amortization for school projects

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor
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actions

  • 03 / Feb / 2012
    • REFERRED TO EDUCATION
  • 06 / Mar / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 06 / Mar / 2012
    • AMEND AND RECOMMIT TO FINANCE
  • 06 / Mar / 2012
    • PRINT NUMBER 6395A
  • 15 / Mar / 2012
    • AMEND AND RECOMMIT TO FINANCE
  • 15 / Mar / 2012
    • PRINT NUMBER 6395B
  • 20 / Mar / 2012
    • 1ST REPORT CAL.388
  • 21 / Mar / 2012
    • 2ND REPORT CAL.
  • 22 / Mar / 2012
    • ADVANCED TO THIRD READING
  • 25 / Apr / 2012
    • PASSED SENATE
  • 25 / Apr / 2012
    • DELIVERED TO ASSEMBLY
  • 25 / Apr / 2012
    • REFERRED TO EDUCATION
  • 16 / May / 2012
    • RECALLED FROM ASSEMBLY
  • 16 / May / 2012
    • RETURNED TO SENATE
  • 16 / May / 2012
    • VOTE RECONSIDERED - RESTORED TO THIRD READING
  • 16 / May / 2012
    • AMENDED ON THIRD READING 6395C
  • 30 / May / 2012
    • REPASSED SENATE
  • 30 / May / 2012
    • RETURNED TO ASSEMBLY
  • 30 / May / 2012
    • REFERRED TO EDUCATION
  • 14 / Jun / 2012
    • SUBSTITUTED FOR A9451C
  • 14 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.199
  • 14 / Jun / 2012
    • PASSED ASSEMBLY
  • 14 / Jun / 2012
    • RETURNED TO SENATE
  • 20 / Jul / 2012
    • DELIVERED TO GOVERNOR
  • 01 / Aug / 2012
    • VETOED MEMO.138

Summary

Relates to assumed amortization for school projects.

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Bill Details

See Assembly Version of this Bill:
A9451
Versions:
S6395
S6395A
S6395B
S6395C
Legislative Cycle:
2011-2012
Law Section:
Education Law
Laws Affected:
Amd ยง3602, Ed L

Votes

Sponsor Memo

BILL NUMBER:S6395

TITLE OF BILL:
An act
to amend the education law, in relation to assumed amortization for
school projects

PURPOSE:
To ensure that school districts will receive the reimbursement for
capital projects to which they are entitled under law.

SUMMARY OF PROVISIONS:
Section 1. Amends clause (b) of subparagraph 3 of paragraph e of
subdivision 6 of section 3602 of the education law, as amended by
section 4 subpart F of part C of Chapter 97 of the laws of 2011 to
allow for assumed amortization of a project by the voters of the
school district or by the board of education of a city school
district in a city with more than one hundred twenty-five thousand
inhabitants, and/or the chancellor in a city school district in a
city having a population of one million or more.

Section 2. Establishes the effective date.

JUSTIFICATION:
Chapter 97 of 2011 was enacted to provide a mechanism in which to
ensure districts would receive reimbursement for capital projects by
filing a waiver when those documents were not filed before the date
required by SED. This Chapter created an issue for a small number of
school districts whose project and financing timelines had commenced
and/or previously been approved prior to the adoption of Chapter 97.
This created an uncertainty as to the reimbursement for these capital
projects for school districts 'and, therefore, they seek action
ensuring that they will receive the reimbursement to which they would
have otherwise been entitled. This bill provides that assurance by
using the voter approval date rather than the Commissioner's approval
date for the new building aid methodology while preserving the intent
of Chapter 97 of 2011.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6395

                            I N  S E N A T E

                            February 3, 2012
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee on Education

AN ACT to amend the education law, in relation to  assumed  amortization
  for school projects

  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 4 of
subpart F of part C of chapter 97 of the laws of  2011,  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 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 certif-
ication 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] VOTERS
OF THE SCHOOL DISTRICT OR BY THE BOARD OF EDUCATION  OF  A  CITY  SCHOOL
DISTRICT  IN  A  CITY  WITH  MORE  THAN ONE HUNDRED TWENTY-FIVE THOUSAND
INHABITANTS, AND/OR THE CHANCELLOR IN A CITY SCHOOL DISTRICT IN  A  CITY
HAVING A POPULATION OF ONE MILLION OR MORE, 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 substantial completion of the project has been
issued by the architect or engineer,  but  the  district  is  unable  to
complete  the  final  cost  report  because  of circumstances beyond the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14225-01-2

S. 6395                             2

control of the district. Such assumed  amortization  shall  provide  for
equal semiannual payments of 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.

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