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Assembly Bill A4090

2011-2012 Legislative Session

Authorizes boards of trustees and 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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2011-A4090 (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:
2009-2010: A3239
2013-2014: A5023
2015-2016: A2785
2017-2018: A2256
2019-2020: A2041

2011-A4090 (ACTIVE) - Summary

Authorizes boards of trustees and 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.

2011-A4090 (ACTIVE) - Bill Text download pdf 

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

                                  4090

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 1, 2011
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- 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 TRUSTEES OR BOARD OF EDUCATION OF
EACH  SCHOOL DISTRICT SHALL BE AUTHORIZED TO TRANSFER ANY MONIES IDENTI-
FIED AS AN UNAPPROPRIATED FUND BALANCE IN EXCESS OF TWO PERCENT  OF  THE
CURRENT  BUDGET PERMITTED 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 COMPANIES 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
TRUSTEES  AND  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 ACCORD-
ANCE 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.
                                                           LBD07492-01-1

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