Senate Bill S6549

Signed By Governor
2023-2024 Legislative Session

Relates to the contracting of indebtedness by city school districts

download bill text pdf

Sponsored By

Current Bill Status - 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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2023-S6549 (ACTIVE) - Details

See Assembly Version of this Bill:
A7049
Law Section:
Local Finance Law
Laws Affected:
Amd §104.00, Loc Fin L

2023-S6549 (ACTIVE) - Summary

Relates to the contracting of indebtedness by city school districts; removes provisions relating thereto.

2023-S6549 (ACTIVE) - Sponsor Memo

2023-S6549 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6549
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 26, 2023
                                ___________
 
 Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the local finance law, in relation to the contracting of
   indebtedness by city school districts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs  b,  c  and  d  of section 104.00 of the local
 finance law, paragraphs b and c as added by chapter 831 of the  laws  of
 1951  and paragraph d as amended by chapter 424 of the laws of 2001, are
 amended to read as follows:
   b. No county, city, town[,] OR village [or school district in a  city]
 shall  contract  indebtedness  for  any  purpose or in any manner which,
 including existing indebtedness, shall exceed an  amount  equal  to  the
 following  percentages  of  the  average  full valuation of such county,
 city, town[,] OR village [or school district]:
   1. The county of Nassau, for county purposes, ten per centum;
   2. Any county, other than the county of Nassau, for  county  purposes,
 seven per centum;
   3. The city of New York, for city purposes, ten per centum;
   4. Any city, other than the city of New York, having one hundred twen-
 ty-five  thousand  or  more  inhabitants according to the latest federal
 census, for city purposes[;], nine per centum;
   5. Any city having less than one hundred twenty-five thousand inhabit-
 ants according to the latest federal census, for city purposes, [exclud-
 ing education purposes,] seven per centum;
   6. Any town, for town purposes, seven per centum; AND
   7. Any village, for village purposes, seven per centum[; and
   8. Any school district in a city, for  education  purposes,  five  per
 centum].
   c.  [Notwithstanding the provisions of paragraph b of this section any
 school district in a city may issue bonds, bond  anticipation  notes  or

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10983-01-3
              

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