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Assembly Bill A7809

2011-2012 Legislative Session

Relates to debt payments for Rochester school facilities not affecting the city of Rochester's maintenance of effort requirements

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2011-A7809 (ACTIVE) - Details

Law Section:
Rochester, City of
Laws Affected:
Amd ยง5, Chap 416 of 2007

2011-A7809 (ACTIVE) - Summary

Relates to debt payments for Rochester school facilities not affecting the city of Rochester's maintenance of effort requirements.

2011-A7809 (ACTIVE) - Bill Text download pdf

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

                                  7809

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 17, 2011
                               ___________

Introduced  by M. of A. GANTT -- read once and referred to the Committee
  on Education

AN ACT to amend chapter 416 of the laws of 2007, establishing  the  city
  of Rochester and the board of education of the city school district of
  the  city of Rochester school facilities modernization program act; in
  relation to debt payments for such school facilities

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

  Section 1.  Section 5 of chapter 416 of the laws of 2007, establishing
the  city  of  Rochester  and  the board of education of the city school
district of  the  city  of  Rochester  school  facilities  modernization
program act, is amended to read as follows:
  S  5.  Comprehensive  school  facilities  modernization plan.   Before
formal selection of the projects occurs, the RSC board shall  develop  a
comprehensive  school  facilities  modernization  plan  recommending and
outlining the projects it proposes to be potentially undertaken pursuant
to this act.  Such plan shall include: (a) an estimate of total costs to
be financed, proposed financing  plan,  proposed  method  of  financing,
terms  and  conditions of the financing, estimated financing costs, and,
if city general obligation bonds or notes are not proposed as the method
of financing, a comparison of financing  costs  between  such  bonds  or
notes  and  the proposed method of financing. PAYMENT OF DEBT SERVICE ON
ANY BONDS, NOTES OR OTHER OBLIGATIONS ISSUED TO FINANCE PROJECTS  UNDER-
TAKEN PURSUANT TO THIS ACT SHALL NOT BE CONSIDERED DEBT SERVICE PAYMENTS
OF  THE  CITY SCHOOL DISTRICT FOR PURPOSES OF SUBPARAGRAPH (II) OF PARA-
GRAPH (A) OF SUBDIVISION 5-B OF SECTION 2576 OF THE  EDUCATION  LAW  AND
SHALL  NOT  AFFECT  THE CALCULATION OF THE CITY'S "CITY AMOUNT" REQUIRED
PURSUANT TO SAID SUBDIVISION. The plan should also address what specific
options would be used to ensure that sufficient resources exist to cover
the local share of any such project cost on an annual basis; (b)  infor-
mation  concerning the potential persons to be involved in the financing

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11591-01-1
              

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