senate Bill S6395A

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:
A9451A
Versions:
S6395
S6395A
S6395B
S6395C
Legislative Cycle:
2011-2012
Law Section:
Education Law
Laws Affected:
Amd ยง3602, Ed L

Sponsor Memo

BILL NUMBER:S6395A

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.

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--A

                            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 -- reported
  favorably from said  committee  and  committed  to  the  Committee  on
  Finance  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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, 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  engi-
neer  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 archi-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14225-02-2

S. 6395--A                          2

tect or engineer, 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
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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