Assembly Bill A2318

2025-2026 Legislative Session

Raises the exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabitants or more

download bill text pdf

Sponsored By

Current Bill Status Via S3367 - Passed Assembly


  • 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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2025-A2318 (ACTIVE) - Details

See Senate Version of this Bill:
S3367
Law Section:
Local Finance Law
Laws Affected:
Amd §§121.20, 121.30 & 137.00, Loc Fin L
Versions Introduced in 2023-2024 Legislative Session:
A10414, S9520

2025-A2318 (ACTIVE) - Summary

Raises the exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabitants or more according to the latest federal census.

2025-A2318 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2318
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 16, 2025
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Education
 
 AN  ACT  to amend the local finance law, in relation to the exclusion of
   certain indebtedness of school districts in a city  with  one  hundred
   twenty-five thousand inhabitants or more

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 121.20 of the local  finance  law,  as  amended  by
 chapter  506  of the laws of 1964, paragraph b as amended by chapter 116
 of the laws of 1968, is amended to read as follows:
   § 121.20[.] Exclusion of  certain  indebtedness  of  school  districts
 other than school districts in a city WITH ONE HUNDRED TWENTY-FIVE THOU-
 SAND  INHABITANTS  OR  MORE  ACCORDING  TO  THE LATEST FEDERAL CENSUS in
 ascertaining their power to contract indebtedness. a. As  used  in  this
 section:
   1.  The term "indebtedness" shall mean indebtedness evidenced by bonds
 and bond anticipation notes.
   2. The term "school district" shall mean a school district other  than
 a school district in a city WITH ONE HUNDRED TWENTY-FIVE THOUSAND INHAB-
 ITANTS OR MORE ACCORDING TO THE LATEST FEDERAL CENSUS.
   b.  In ascertaining the power of a school district to contract indebt-
 edness, there may be excluded outstanding  indebtedness  contracted,  or
 indebtedness to be contracted, for objects or purposes having periods of
 probable  usefulness  provided  in  paragraph [a.] A of section 11.00 of
 this chapter, to the extent to which the commissioner of  education,  or
 such  person  or persons as may be designated by [him] THE COMMISSIONER,
 shall estimate based upon facts existing on the date  of  such  estimate
 that  moneys  receivable  by  the  school  district from the state as an
 apportionment for debt service for school building purposes, under  laws
 existing  on  the  date of such estimate, shall meet the interest on and
 the annual requirements for the payment of such indebtedness.  Any  such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01974-01-5
              

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