|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to education|
returned to senate
died in assembly
|Jun 14, 2011||referred to education|
delivered to assembly
|Jun 13, 2011||ordered to third reading cal.1161|
|Jun 11, 2011||committee discharged and committed to rules|
|May 10, 2011||referred to education|
senate Bill S5347
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5347 - Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
S5347 - Summary
Authorizes the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.
S5347 - Sponsor Memo
BILL NUMBER:S5347 TITLE OF BILL: An act to authorize the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes PURPOSE: To allow the Tully Central School District to bond the funds in the amount of $210,000 with a repayment period over 15 years in order to settle pending litigation. SUMMARY OF PROVISIONS: Section 1 authorizes the Tully Central School District to issue serial bonds in the amount of $210,000 to settle pending litigation and authorizes the issuance of bond anticipation notes. Section 2 declares the purpose of the bill to be a public purpose that the school district is authorized to accomplish and authorizes a 15-year period of probable usefulness thereof. Section 3 authorizes the Tully Central School District Board of Education to levy an annual tax sufficient to pay principal and interest on the bonds and to adopt a bond resolution authorizing the serial bonds authorized by this act.
S5347 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5347 2011-2012 Regular Sessions I N S E N A T E May 10, 2011 ___________ Introduced by Sen. VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to authorize the Tully central school district to finance a liti- gation settlement by the issuance of serial bonds and/or anticipation notes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The Tully central school district (hereinafter referred to in this act as the "district"), in the counties of Onondaga and Cort- land, is hereby authorized to issue serial bonds, subject to the provisions of section 10.10 of the local finance law, on or before June 30, 2012, in an aggregate principal amount not to exceed two hundred ten thousand dollars ($210,000) for the specific object or purpose of settl- ing pending litigation regarding a construction and renovation project on the school campus. In anticipation of the issuance and sale of such serial bonds, bond anticipation notes are hereby authorized to be issued. S 2. Notwithstanding the provisions of any other law, general, special or local, to the contrary, including section 11.00 of the local finance law, the specific object or purpose referred to in section one of this act is hereby declared to be a public purpose which the district is hereby authorized to accomplish and the period of probable usefulness thereof is hereby authorized to be fifteen years. S 3. Notwithstanding the provisions of any other law, general, special or local, the board of education of the district is hereby authorized to levy a tax to be collected in annual installments sufficient to pay the principal of and interest on said bonds and bond anticipation notes and to adopt a bond resolution authorizing the serial bonds authorized to be issued pursuant to this act. S 4. For purposes of subdivision 4 of section 2023 of the education law, expenditures for debt service on obligations issued pursuant to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11379-01-1
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