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Sponsors
No co-sponsors yet.
History
- Referred to education
- Referred to education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Directs the Levittown union free school district to transfer monies from its reserve funds to the general fund for the purposes of reducing real property taxes
In Assembly Committee · Education · Sponsor David McDonough
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to authorize the Levittown union free school district to transfer certain monies from reserve funds to the general fund for the purpose of real property tax reduction; and providing for the repeal of such provisions upon expiration thereof
Purpose
To allow the Levittown School District to transfer certain reserve funds to the general fund for the purpose of reducing real property taxes for the support of the school district.
Summary of provisions
Section 1: authorizes the transfer of not more than twenty million dollars ($20,000,000) from certain reserve funds to the general fund for the purpose of reducing real property taxes for the support of the school district. Section 2: effective date is immediate and shall expire July 1, 2010.
Existing law
§6-p of the General Municipal Law - Employee benefit accrued liability reserve fund.
Justification
The Levittown School District has funded reserves for compensated employee benefits and accrued liabilities to the point where it exceeds the liabilities that the school district currently maintains. Authorizing legislation is needed to transfer the excess reserve money to the Levittown School District general fund for the purpose of reducing real property tax reduction for the support of the school district.
Legislative history
New bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately and shall expire July 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.