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Assembly Bill A7477

2011-2012 Legislative Session

Authorizes the Monroe-Woodbury central school district to establish a reserve fund for the specific purpose of liquidating certain serial bonds

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2011-A7477 (ACTIVE) - Details

Law Section:
Education

2011-A7477 (ACTIVE) - Summary

Authorizes the Monroe-Woodbury central school district to establish a reserve fund for the specific purpose of liquidating certain serial bonds.

2011-A7477 (ACTIVE) - Bill Text download pdf 

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

                                  7477

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               May 6, 2011
                               ___________

Introduced  by M. of A. CALHOUN -- read once and referred to the Commit-
  tee on Education

AN ACT to authorize  the  Monroe-Woodbury  central  school  district  to
  establish  a  reserve fund for the specific purpose of liquidating any
  serial bonds issued by the  Monroe-Woodbury  central  school  district
  pursuant  to  chapter  158  of the laws of 2003 to finance accumulated
  operating deficits in its general fund for the fiscal year ended  June
  30, 2003, and providing for other matters in connection therewith

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

  Section 1. Notwithstanding the provisions of article 74 of the  educa-
tion  law, the Monroe-Woodbury central school district is hereby author-
ized to establish a reserve fund for  the  purpose  of  liquidating  any
serial bonds issued pursuant to chapter 158 of the laws of 2003.
  S 2. Notwithstanding any other provision of law, rule or regulation to
the  contrary,  the Monroe-Woodbury central school district may transfer
monies from the general fund of such school district to the reserve fund
created by this act, provided however, that the amount transferred  from
the  general fund shall not exceed the amount necessary to liquidate the
serial bonds issued pursuant to chapter 158 of the laws of 2003.
  S 3. Any monies deposited in the reserve fund established pursuant  to
this  act shall be expended solely for the purpose of paying the princi-
pal of and interest on the serial bonds issued pursuant to  chapter  158
of  the  laws  of  2003  and  may not be used for any other purpose. The
governing board of  the  Monroe-Woodbury  central  school  district  may
invest monies on deposit in said reserve fund until needed in the manner
provided by section eleven of the general municipal law.
  S  4. When the amount of monies in the reserve fund authorized by this
act is sufficient to pay the principal of and interest  on  all  of  the
serial  bonds  issued  pursuant to chapter 158 of the laws of 2003 until
maturity, said bonds shall no longer be deemed outstanding for  purposes
of chapter 158 of the laws of 2003.
  S 5. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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