S T A T E O F N E W Y O R K
________________________________________________________________________
7643
I N S E N A T E
May 12, 2016
___________
Introduced by Sen. HANNON -- read twice and ordered printed, and when
printed to be committed to the Committee on Education
AN ACT to authorize the Hempstead union free school district to issue
serial bonds for the specific object or purpose of liquidating accumu-
lated deficits in certain funds of such district
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The Hempstead union free school district (hereinafter
referred to in this act as the "district") is hereby authorized to issue
serial bonds, subject to the provisions of section 10.10 of the local
finance law, on or before September 15, 2017, in an aggregate principal
amount not to exceed seven million dollars ($7,000,000) for the specific
object or purpose of liquidating the accumulated deficits in its general
fund, as of the fiscal year ended June 30, 2015, including any budget,
deficiency, tax anticipation and/or revenue anticipation notes outstand-
ing at the time of the issuance of said serial bonds or notes authorized
pursuant to this act, which may be part of the accumulated deficits. In
anticipation of the issuance and sale of such serial bonds, bond antic-
ipation notes are hereby authorized to be issued.
S 2. Notwithstanding any other provision of law to the contrary, the
chief fiscal officer or the individual or individuals responsible for
the preparation of the proposed budget of the district shall submit in
each fiscal year beginning with the fiscal year during which the
district is authorized by law to incur indebtedness pursuant to this
act, to and including the last fiscal year during which such debt or any
debt incurred to refund such debt is outstanding, the district's
proposed budget for the next succeeding fiscal year to the state comp-
troller and also to the commissioner of education no later than thirty
days before the date scheduled for the district's board of education
vote on the adoption of the proposed budget or the last date on which
the proposed budget may be finally adopted, whichever is sooner. The
state comptroller and the commissioner of education shall examine such
proposed budget and make such recommendations as deemed appropriate
thereon to the district prior to the adoption of the proposed budget,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13598-01-6
S. 7643 2
but no later than ten days before the date scheduled for the district's
board of education vote on the adoption of the proposed budget or the
last date on which the proposed budget must be adopted, whichever is
sooner. Such recommendations shall be made after examination into the
estimates of revenues and expenditures of the district. The district's
board of education, no later than five days prior to the adoption of the
proposed budget, shall review any such recommendations and make adjust-
ments to the proposed budget consistent with any recommendations made by
the state comptroller and/or commissioner of education. The action or
inaction of the state comptroller and/or the commissioner of education
under this section shall not be construed to affect the legal validity
of any budget of the district nor to affect the powers or duties of the
district with respect to the school district budget process.
S 3. This act shall take effect immediately.
