senate Bill S5347

2011-2012 Legislative Session

Authorizes the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (9)
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
passed senate
Jun 13, 2011 ordered to third reading cal.1161
Jun 11, 2011 committee discharged and committed to rules
May 10, 2011 referred to education

S5347 - Details

See Assembly Version of this Bill:
A7584
Current Committee:
Law Section:
Education

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

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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