S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2783
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced by M. of A. ZEBROWSKI, DICKENS, GUNTHER -- Multi-Sponsored by
   -- M. of A.  COOK -- read once and referred to the Committee on Educa-
   tion
 
 AN  ACT  to  amend  the  education  law, in relation to building aid for
   approved expenditures for debt service for tax certiorari financing

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  3602 of the education law is amended by adding a
 new subdivision 6-j to read as follows:
   6-J. BUILDING AID FOR APPROVED EXPENDITURES FOR DEBT SERVICE  FOR  TAX
 CERTIORARI  FINANCING.  IN  ADDITION  TO THE APPORTIONMENTS PAYABLE TO A
 SCHOOL DISTRICT PURSUANT TO SUBDIVISION SIX OF THIS  SECTION,  BEGINNING
 WITH  DEBT  SERVICE IN THE TWO THOUSAND TWENTY-THREE--TWO THOUSAND TWEN-
 TY-FOUR SCHOOL YEAR AND THEREAFTER, THE COMMISSIONER IS  HEREBY  AUTHOR-
 IZED  TO APPORTION TO ANY SCHOOL DISTRICT ADDITIONAL BUILDING AID PURSU-
 ANT TO THIS SUBDIVISION FOR ITS APPROVED DEBT SERVICE  EXPENDITURES  FOR
 FINANCING  THE  COST  OF  A TAX CERTIORARI, WHERE THE TOTAL VALUE OF THE
 BOND EXCEEDS THE TOTAL GENERAL FUND EXPENDITURES FOR THE SCHOOL DISTRICT
 FOR THE YEAR PRIOR TO THE  YEAR  IN  WHICH  THE  SCHOOL  DISTRICT  FIRST
 RECEIVES  BOND PROCEEDS. IN ORDER TO HAVE SUCH DEBT SERVICE EXPENDITURES
 APPROVED, THE SCHOOL DISTRICT SHALL SUBMIT TO  THE  COMMISSIONER,  IN  A
 FORM  HE  OR  SHE  PRESCRIBES, DOCUMENTATION RELATING TO THE ISSUANCE OF
 SUCH BOND, INCLUDING BUT NOT LIMITED TO THE ORIGINAL TAX CERTIORARI, THE
 AMORTIZATION SCHEDULE OF SUCH BOND, AND ANY OTHER  DOCUMENTATION  DEEMED
 NECESSARY.  PROVIDED, HOWEVER, THAT IN THE EVENT IT REFUNDS THE ORIGINAL
 BOND AT ANY POINT,  THE  SCHOOL  DISTRICT  SHALL  PROVIDE  SUCH  UPDATED
 DOCUMENTATION  AS  REQUIRED  BY  THE  COMMISSIONER, WHO SHALL ADJUST THE
 ANNUAL APPROVED EXPENDITURES ACCORDINGLY. SUCH AID SHALL EQUAL THE PROD-
 UCT OF THE SUM OF (1) THE BUILDING AID RATIO DEFINED PURSUANT  TO  PARA-
 GRAPH  C  OF  SUBDIVISION  SIX  OF THIS SECTION PLUS (2) ONE-TENTH (0.1)
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04580-01-3
 A. 2783                             2
              

 
 MULTIPLIED BY THE ACTUAL APPROVED DEBT SERVICE EXPENDITURES INCURRED  IN
 THE BASE YEAR PURSUANT TO THIS SUBDIVISION.
   §  2.  This act shall take effect immediately.  Effective immediately,
 the addition, amendment and/or repeal of any rule or  regulation  neces-
 sary  for  the  implementation  of  this  act  on its effective date are
 authorized to be made and completed on or before such effective date.