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Senate Bill S7415

2009-2010 Legislative Session

Authorizes the Patchogue-Medford Union Free School District to establish a reserve fund to liquidate serial bonds

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Archive: Last Bill Status - In Senate Committee Education Committee

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2009-S7415 (ACTIVE) - Details

See Assembly Version of this Bill:
A10600
Current Committee:
Senate Education
Law Section:
Education
Versions Introduced in 2011-2012 Legislative Session:
A5655

2009-S7415 (ACTIVE) - Summary

Authorizes the Patchoque-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.

2009-S7415 (ACTIVE) - Sponsor Memo

2009-S7415 (ACTIVE) - Bill Text download pdf 

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

                                  7415

                            I N  S E N A T E

                              April 8, 2010
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
  printed to be committed 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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