Assembly Bill A9634

Signed By Governor
2011-2012 Legislative Session

Establishes that debt payments for the Rochester school facilities modernization program shall not affect the city of Rochester's maintenance of effort requirements

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6870 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A9634 (ACTIVE) - Details

See Senate Version of this Bill:
S6870
Law Section:
Education
Laws Affected:
Amd ยง5, Chap 416 of 2007

2011-A9634 (ACTIVE) - Summary

Establishes that debt payments for the Rochester school facilities modernization program shall not affect the city of Rochester maintenance of effort requirements.

2011-A9634 (ACTIVE) - Bill Text download pdf

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

                                  9634

                          I N  A S S E M B L Y

                             March 22, 2012
                               ___________

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

AN ACT to amend section 5 of chapter 416 of the laws of 2007, establish-
  ing  the  city  of  Rochester  and  the board of education of the city
  school district of the city of Rochester school facilities  moderniza-
  tion  program  act, in relation to establishing that debt payments for
  the Rochester school facilities modernization program shall not affect
  the city of Rochester's maintenance of effort requirements

  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
BONDS, NOTES OR OTHER OBLIGATIONS ISSUED TO SECURE FINANCING OF NOT MORE
THAN $325,000,000 FOR PROJECTS UNDERTAKEN PURSUANT TO THIS ACT SHALL NOT
BE  CONSIDERED  WHEN  DETERMINING THE "CITY AMOUNT" REQUIRED PURSUANT TO
SUBPARAGRAPH (II) OF PARAGRAPH A OF SUBDIVISION 5-B OF SECTION  2576  OF
THE  EDUCATION  LAW;  PROVIDED,  HOWEVER,  THAT THIS PROVISION SHALL NOT
OTHERWISE AFFECT THE DETERMINATION OF SAID "CITY AMOUNT" WITH RESPECT TO
FUNDING UNRELATED TO PROJECTS UNDERTAKEN PURSUANT TO THIS ACT. 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 potential

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

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