|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 19, 2019||recommit, enacting clause stricken|
|Jan 10, 2019||referred to education|
senate Bill S1006
Archive: Last Bill Status - Stricken
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1006 (ACTIVE) - Details
S1006 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1006 SPONSOR: YOUNG TITLE OF BILL: An act to amend the education law, in relation to authorizing school districts with low combined wealth ratios to establish tax cap reserve funds PURPOSE: To allow school districts with a low combined wealth ratio to establish a reserve fund for the payment of school district expenditures, such that the reserve fund does not exceed an amount which might be reason- ably deemed necessary to meet anticipated increased expenditures. SUMMARY OF PROVISIONS: Section 1 amends Section 3651 of the Education Law by adding two new subdivisions 1-c and 3-b.
S1006 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1006 2019-2020 Regular Sessions I N S E N A T E January 10, 2019 ___________ Introduced by Sens. YOUNG, GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to amend the education law, in relation to authorizing school districts with low combined wealth ratios to establish tax cap reserve funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3651 of the education law is amended by adding two new subdivisions 1-c and 3-b to read as follows: 1-C. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS SECTION, ANY SCHOOL DISTRICT HAVING A COMBINED WEALTH RATIO, AS DEFINED IN PARAGRAPH C OF SUBDIVISION THREE OF SECTION THIRTY-SIX HUNDRED TWO OF THIS TITLE, WHICH IS THIRTY-FIVE ONE-HUNDREDTHS OR LESS, MAY ESTABLISH A RESERVE FUND FOR THE PAYMENT OF SCHOOL DISTRICT EXPENDITURES FOR ANY SCHOOL YEAR TO THE EXTENT THE EXPENDITURE OF MONIES THEREFOR WOULD CAUSE SUCH SCHOOL DISTRICT TO EXCEED ITS TAX LEVY LIMIT PURSUANT TO SECTION TWO THOUSAND TWENTY-THREE-A OF THIS CHAPTER, WITHOUT APPROVAL BY THE QUALIFIED VOTERS OF THE DISTRICT; PROVIDED, HOWEVER, THAT THE TOTAL OF THE MONIES HELD IN SUCH RESERVE FUND SHALL NOT EXCEED THAT AMOUNT WHICH MIGHT REASONABLY BE DEEMED NECESSARY TO MEET ANTICIPATED INCREASED EXPENDITURES BY THE SCHOOL DISTRICT IN FUTURE SCHOOL YEARS. ANY MONIES DEPOSITED TO SUCH RESERVE FUND WHICH WILL NOT REASONABLY BE REQUIRED TO BE EXPENDED FOR THE PURPOSE OF COMPLYING WITH THE DISTRICT'S TAX LEVY LIMIT SHALL BE RETURNED TO THE GENERAL FUND ON OR BEFORE THE FIRST DAY OF THE FOURTH FISCAL YEAR FOLLOWING THE DEPOSIT OF SUCH MONIES TO SAID RESERVE FUND. 3-B. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION THREE OF THIS SECTION, ANY SCHOOL DISTRICT WHICH ESTABLISHES A RESERVE FUND IN ACCORD- ANCE WITH SUBDIVISION ONE-C OF THIS SECTION MAY MAKE EXPENDITURES FROM SUCH FUND FOR THE PURPOSES SPECIFIED IN SUCH SUBDIVISION WITHOUT AUTHOR- IZATION OF THE VOTERS. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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