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Assembly Bill A7584

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 Assembly Committee

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2011-A7584 (ACTIVE) - Details

See Senate Version of this Bill:
S5347
Current Committee:
Assembly Education
Law Section:
Education

2011-A7584 (ACTIVE) - Summary

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

2011-A7584 (ACTIVE) - Bill Text download pdf 

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

                                  7584

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2011
                               ___________

Introduced  by  M. of A. KOLB -- read once and referred 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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