senate Bill S5821

2011-2012 Legislative Session

Relates to assumed amortization for certain school district projects approved by the commissioner

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 (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to education
returned to senate
died in assembly
Jun 21, 2011 referred to education
delivered to assembly
passed senate
ordered to third reading cal.1447
Jun 17, 2011 referred to rules

S5821 - Details

Law Section:
Education Law
Laws Affected:
Amd ยง3602, Ed L

S5821 - Summary

Relates to assumed amortization for certain school district projects approved by the commissioner.

S5821 - Sponsor Memo

S5821 - Bill Text download pdf

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

                                  5821

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 17, 2011
                               ___________

Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the education law, in relation to  assumed  amortization
  for certain school district projects approved by the commissioner

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

  Section 1.  Clause (b) of subparagraph 3 of paragraph e of subdivision
6 of section 3602 of the education law, as amended by section 1 of  part
F of chapter 383 of the laws of 2001, is amended to read as follows:
  (b)  Such  assumed  amortization for a project approved by the commis-
sioner on or after the later of the first day of December, two  thousand
one or thirty days after the date upon which this subdivision shall have
become  a law AND PRIOR TO THE FIRST DAY OF JULY, TWO THOUSAND ELEVEN or
for any debt service related to projects approved  by  the  commissioner
prior  to such date where a bond, capital note or bond anticipation note
is first issued [on or after such date] THE FIRST DAY OF  DECEMBER,  TWO
THOUSAND  ONE to fund such projects, shall commence: (i) eighteen months
after such approval or (ii) on the date of receipt by  the  commissioner
of  a certification by the district that a general construction contract
has been awarded for such project by the district, whichever  is  later,
and SUCH ASSUMED AMORTIZATION FOR A PROJECT APPROVED BY THE COMMISSIONER
ON  OR  AFTER THE FIRST DAY OF JULY, TWO THOUSAND ELEVEN SHALL COMMENCE:
(III) EIGHTEEN MONTHS AFTER SUCH APPROVAL OR (IV) ON THE DATE OF RECEIPT
BY THE  COMMISSIONER  OF  BOTH  THE  FINAL  CERTIFICATE  OF  SUBSTANTIAL
COMPLETION  OF  THE  PROJECT ISSUED BY THE ARCHITECT OR ENGINEER AND THE
FINAL COST REPORT FOR SUCH PROJECT, WHICHEVER IS LATER OR (V)  UPON  THE
DATE  OF  A FINDING BY THE COMMISSIONER THAT THE CERTIFICATE OF SUBSTAN-
TIAL COMPLETION OF THE PROJECT HAS BEEN ISSUED BY THE ARCHITECT OR ENGI-
NEER, BUT THE DISTRICT IS UNABLE  TO  COMPLETE  THE  FINAL  COST  REPORT
BECAUSE  OF  CIRCUMSTANCES  BEYOND  THE  CONTROL  OF  THE DISTRICT. SUCH
ASSUMED AMORTIZATION shall provide  for  equal  semiannual  payments  of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13198-01-1

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