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Assembly Bill A7891

2011-2012 Legislative Session

Relates to debt payments for Rochester school facilities not affecting the city of Rochester's maintenance of effort requirements

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Archive: Last Bill Status - In Senate Committee Education Committee

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2011-A7891 (ACTIVE) - Details

Current Committee:
Senate Education
Law Section:
Rochester, City of
Laws Affected:
Amd ยง5, Chap 416 of 2007

2011-A7891 (ACTIVE) - Summary

Relates to debt payments for Rochester school facilities not affecting the city of Rochester's maintenance of effort requirements.

2011-A7891 (ACTIVE) - Bill Text download pdf

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

                                  7891

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2011
                               ___________

Introduced by M. of A. GANTT, MORELLE, BRONSON -- read once and referred
  to the Committee on Education

AN  ACT  to amend chapter 416 of the laws of 2007, establishing the city
  of Rochester and the board of education of the city school district of
  the city of Rochester school facilities modernization program act,  in
  relation to debt payments for such school facilities

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

  Section 1.  Section 5 of chapter 416 of the laws of 2007, establishing
the city of Rochester and the board of  education  of  the  city  school
district  of  the  city  of  Rochester  school  facilities modernization
program act, is amended to read as follows:
  S 5. Comprehensive  school  facilities  modernization  plan.    Before
formal  selection  of the projects occurs, the RSC board shall develop a
comprehensive school  facilities  modernization  plan  recommending  and
outlining the projects it proposes to be potentially undertaken pursuant
to this act.  Such plan shall include: (a) an estimate of total costs to
be  financed,  proposed  financing  plan,  proposed method of financing,
terms and conditions of the financing, estimated financing  costs,  and,
if city general obligation bonds or notes are not proposed as the method
of  financing,  a  comparison  of  financing costs between such bonds or
notes and the proposed method of financing. PAYMENT OF DEBT  SERVICE  ON
ANY  BONDS, NOTES OR OTHER OBLIGATIONS ISSUED TO FINANCE PROJECTS UNDER-
TAKEN PURSUANT TO THIS ACT SHALL NOT BE CONSIDERED DEBT SERVICE PAYMENTS
OF THE CITY SCHOOL DISTRICT FOR PURPOSES OF SUBPARAGRAPH (II)  OF  PARA-
GRAPH  A  OF  SUBDIVISION  5-B OF SECTION 2576 OF THE EDUCATION LAW. The
plan should also address what specific options would be used  to  ensure
that  sufficient  resources  exist  to cover the local share of any such
project cost on an annual basis; (b) information concerning  the  poten-
tial  persons to be involved in the financing and such person's role and
responsibilities; (c) estimates on the design, reconstruction and  reha-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11591-02-1
              

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