BILL NUMBER:A10600
TITLE OF BILL: An act in relation to establishing a reserve fund to
liquidate certain serial bonds issued to the Patchogue-Medford union
free school district
PURPOSE: To authorize Patchogue-Medford Union Free School District to
establish a reserve fund to liquidate serial bonds.
SUMMARY OF PROVISIONS: Section 1 authorizes the Patchogue-Medford Union
Free School District to establish a reserve fund for the purpose of
liquidating any serial bonds issued pursuant to chapter 109 of the law
of 2006. Section 2 allows the Patchogue-Medford Union Free School
District to transfer monies from the general fund of such school
district to the reserve fund created by this act, provided that the
amount transferred from the general fund shall not exceed the amount
necessary to liquidate the serial bonds issued pursuant to chapter 109
of the laws of 2006. Section 3 is the effective date.
JUSTIFICATION: In June 2006, Governor Pataki signed Section 109 of the
Laws of 2006 which allowed Patchogue-Medford Schools to issue bonds in
order to finance a $6 million deficit. The District issued the bonds and
has been faithfully paying them down since then. The bonds which were
issued contain no provision for pre-payment. The current administration
has led the District with prudent financial management and is in a posi-
tion to liquidate the bonds by paying them off. Establishing a reserve
S T A T E O F N E W Y O R K
________________________________________________________________________
10600
I N A S S E M B L Y
April 8, 2010
___________
Introduced by M. of A. MURRAY -- read once and referred to the Committee
on Education
AN ACT in relation to establishing a reserve fund to liquidate certain
serial bonds issued to the Patchogue-Medford union free school
district
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Notwithstanding the provisions of article 74 of the educa-
tion law, the Patchogue-Medford union free school district is hereby
authorized to establish a reserve fund for the purpose of liquidating
any serial bonds issued pursuant to chapter 109 of the laws of 2006.
S 2. Notwithstanding any other provision of law, rule or regulation to
the contrary, the Patchogue-Medford union free school district may
transfer monies from the general fund of such school district to the
reserve fund created by this act, provided however, that the amount
transferred from the general fund shall not exceed the amount necessary
to liquidate the serial bonds issued pursuant to chapter 109 of the laws
of 2006.
S 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16703-01-0
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