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History
- 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.
Authorizes Marlboro central school district to issue serial bonds
In Senate Committee · Rules · Sponsor Frank Skartados
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act in relation to authorizing the Marlboro Central School District to issue serial bonds
Purpose
Authorizes the Marlboro Central School District to issue serial bonds not to exceed 11 million, nor to exceed 30 year period of probable usefulness for the payment of certain judgments by such school district. The Marlboro Central School District includes the Danskammer and Roseton power plants. As has occurred in other parts of the State, after these power plants were sold by public utilities to private power producing consortiums, such new owners moved to significantly reduce (by approximately 90%) the assessed value of both plants. The power plant owners have succeeded in their tax certiorari proceedings. This means that past overpayments will require reimbursement by the taxing jurisdictions in which Danskammer and Roseton power plants are located. The overpayments may go back as far as fiscal year 2003.
Summary of provisions
Sections 1 and 2: The Marlboro Central School District is authorized to issue serial bonds in an amount not to exceed 11 million dollars for a period not to exceed 30 years.
Section 3: Enacting Clause.
Justification
This bill allows the School District to bond for up to 30 years without which the judgment would have to be paid out of current operating expenses.
Legislative history
S.2737/A.6700 of 2009; S.4497-B/A.8607-B of 2007
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.