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

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Archive: Last Bill Status - In Committee


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

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Actions

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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

Votes

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S5347 - Bill Details

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

S5347 - Bill Texts

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

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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.

Section 4 requires for purposes of subdivision 4 of section 2023 of
the Education Law that expenditures for debt service shall be
disregarded in determining total spending under a contingency budget.

Section 5 contains the severability clause.

Section 6 contains the effective date.

JUSTIFICATION:
On April 13, 2011, the Tully Board of Education, by a unanimous vote,
passed a resolution requesting legislation to be introduced in the
New York State Legislature to authorize the school district to pond
certain funds pertaining to a settlement.

PRIOR LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

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                    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

S. 5347                             2

this  act  shall be disregarded in determining the total spending of the
district under a contingency budget.
  S  5. If any clause, sentence, subdivision, paragraph, section or part
of this act be adjudged by any court of  competent  jurisdiction  to  be
invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, subdivision,  paragraph,  section  or  part  thereof  directly
involved  in  the  controversy  in  which  such judgment shall have been
rendered.
  S 6. This act shall take effect immediately.

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