Senate Bill S1524

2011-2012 Legislative Session

Authorizes certain school districts to elect to withdraw excess monies from the employee benefit accrued liability reserve fund; repealer

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Archive: Last Bill Status - In Senate Committee Education Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S1524 (ACTIVE) - Details

See Assembly Version of this Bill:
A3499
Current Committee:
Senate Education
Law Section:
General Municipal Law
Laws Affected:
Rpld ยง33 sub 3, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7203, A10319
2013-2014: A5511

2011-S1524 (ACTIVE) - Summary

Authorizes certain school districts to elect to withdraw excess monies from the employee benefit accrued liability reserve fund and transfer such funds to the general fund of the school district.

2011-S1524 (ACTIVE) - Sponsor Memo

2011-S1524 (ACTIVE) - Bill Text download pdf 

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

                                  1524

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 10, 2011
                               ___________

Introduced  by  Sens.  KLEIN,  BRESLIN, SAVINO -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Educa-
  tion

AN ACT to authorize certain school districts to elect to withdraw excess
  monies  from  the employee benefit accrued liability reserve fund; and
  to repeal subdivision 3 of section 33 provisions of the general munic-
  ipal law, relating to the examination of accounts

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

  Section  1.  Any  school  district having excess monies in an employee
benefit accrued liability reserve fund established pursuant  to  section
6-p of the general municipal law, on the effective date of this act, may
make  a one time election, by  resolution of its governing board adopted
no later than one year from such effective date, to transfer all or part
of such excess monies into a general fund of the school district.    For
the  purposes  of  this section, "excess monies" shall be that amount in
the fund which exceeds the amount certified to the  governing  board  by
the  fiscal  and  legal  officers of the school district as necessary to
satisfy all liabilities incurred or accrued against the reserve.
  S 2. Subdivision 3 of section 33  of  the  general  municipal  law  is
REPEALED.
  S 3. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05022-01-1

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