|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to local government|
|May 10, 2013||referred to local government|
senate Bill S5136
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5136 - Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd §6-1, Gen Muni L
S5136 - Summary
Relates to the mandatory reserve fund for municipal corporations, fire districts, school districts and boards of cooperative educational services.
S5136 - Sponsor Memo
BILL NUMBER:S5136 TITLE OF BILL: An act to amend the general municipal law, in relation to the mandatory reserve fund for municipal corporations, fire districts, school districts and boards of cooperative educational services PURPOSE OR GENERAL IDEA OF BILL: To extend the authority to establish a mandatory reserve fund to boards of cooperative educational services (BOCES). SUMMARY OF SPECIFIC PROVISIONS: This bill would amend Section 6-1 of the General Municipal Law to extend the authority to establish a mandatory reserve fund to BOCES which already exists for municipal corporations, school districts and fire districts. JUSTIFICATION: BOCES, as a municipal entity, must make necessary capital improvements but does not have the legal authority to establish a reserve fund for this purpose. This bill would address this problem by extending this authority to BOCES.
S5136 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5136 2013-2014 Regular Sessions I N S E N A T E May 10, 2013 ___________ Introduced by Sen. FLANAGAN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to the mandatory reserve fund for municipal corporations, fire districts, school districts and boards of cooperative educational services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6-l of the general municipal law, as added by chap- ter 1052 of the laws of 1965, subdivision 2 as amended by section 10 of part A of chapter 93 of the laws of 2002, subdivision 2-a as added by chapter 807 of the laws of 1977 and subdivision 6 as amended by chapter 140 of the laws of 1996, is amended to read as follows: S 6-l. Mandatory reserve fund for municipal corporations, fire districts [and], school districts AND BOARDS OF COOPERATIVE EDUCATIONAL SERVICES. 1. As used in this section, the term "governing board," in so far as it is used in reference to a municipal corporation, shall mean the "legislative body" thereof, as that term is defined in section two of the municipal home rule law, as amended from time to time; in so far as it is used in reference to a fire district, shall mean the board of fire commissioners thereof; in so far as it is used in reference to a school district OR BOARD OF COOPERATIVE EDUCATIONAL SERVICES, shall mean the board of trustees thereof. 2. Notwithstanding any other provision of this chapter, upon the cash sale by a municipal corporation, fire district [or], school district OR BOARD OF COOPERATIVE EDUCATIONAL SERVICES of a capital improvement, as defined in section six-c of this chapter, for the cost of which obli- gations were issued pursuant to the local finance law, and when all or part of such indebtedness is outstanding at the time of such sale, a mandatory reserve fund shall be established for the purpose of retiring such obligations, or, as an additional alternative, paying principal of, or redemption premiums in connection with such obligations or other EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09636-01-3
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