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Assembly Bill A3239

2009-2010 Legislative Session

Authorizes boards of education to establish a tax stabilization reserve fund

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Archive: Last Bill Status - In Assembly Committee

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2009-A3239 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Education Law
Laws Affected:
Add Art 44 ยง2150, Ed L
Versions Introduced in Other Legislative Sessions:
2011-2012: A4090
2013-2014: A5023
2015-2016: A2785
2017-2018: A2256
2019-2020: A2041

2009-A3239 (ACTIVE) - Summary

Authorizes boards of education to establish a tax stabilization reserve fund from monies identified as excess or surplus and may be appropriated to stabilize the property tax rate.

2009-A3239 (ACTIVE) - Bill Text download pdf 

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

                                  3239

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2009
                               ___________

Introduced  by M. of A. ENGLEBRIGHT, P. RIVERA -- read once and referred
  to the Committee on Real Property Taxation

AN ACT to amend the education law, in relation to authorizing establish-
  ment of tax stabilization reserve funds

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

  Section  1. The education law is amended by adding a new article 44 to
read as follows:
                                ARTICLE 44
                     TAX STABILIZATION RESERVE FUNDS

SECTION 2150. TAX STABILIZATION RESERVE FUNDS.
  S 2150. TAX STABILIZATION RESERVE FUNDS.  NOTWITHSTANDING  ANY  INCON-
SISTENT PROVISION OF LAW, THE BOARD OF EDUCATION OF EACH SCHOOL DISTRICT
SHALL  BE AUTHORIZED TO TRANSFER ANY MONIES IDENTIFIED AS AN UNAPPROPRI-
ATED FUND BALANCE IN EXCESS OF TWO PERCENT OF THE CURRENT BUDGET PERMIT-
TED TO BE RETAINED FOR MEETING CONTINGENT EXPENSES  TO  A  SPECIAL  FUND
WHICH  SHALL  BE  KNOWN  AS A TAX STABILIZATION RESERVE FUND.  MONIES IN
SUCH FUND SHALL BE DEPOSITED IN ONE OR MORE OF THE BANKS OR TRUST COMPA-
NIES DESIGNATED IN THE MANNER PROVIDED BY LAW  AS  DEPOSITORIES  OF  THE
FUNDS FOR ANY GIVEN DISTRICT. THE MONIES IN SUCH FUND SO DEPOSITED SHALL
BE  KEPT  IN A SEPARATE BANK ACCOUNT. BOARDS OF EDUCATION MAY INVEST THE
MONIES IN SUCH FUNDS IN A MANNER  PROVIDED  BY  SECTION  ELEVEN  OF  THE
GENERAL MUNICIPAL LAW. ANY INTEREST EARNED ON THE MONIES SO DEPOSITED OR
INVESTED  SHALL  ACCRUE TO AND BECOME PART OF SUCH FUND.  MONIES IN SUCH
FUND MAY BE APPROPRIATED IN ACCORDANCE WITH  A  PLAN  TO  STABILIZE  THE
SCHOOL  DISTRICT'S  PROPERTY  TAX  RATE  BY  MAKING USE OF SUCH FUNDS TO
OFFSET TAX LEVY NEEDS.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06749-01-9

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