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History
- Referred to education
- Returned to senate
- Died in assembly
- Referred to education
- Delivered to assembly
- Passed senateVote 62–0
- Ordered to third reading cal.1161
- Committee discharged and committed to rules
- 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 the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes
In Assembly Committee · Education · Sponsor Brian Kolb
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5347
Title of bill
An act to authorize the Tully central school district to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes
Purpose
To allow the Tully Central School District to bond the funds in the amount of $210,000 with a repayment period over 15 years in order to settle pending litigation.
Summary of provisions
Section 1 authorizes the Tully Central School District to issue serial bonds in the amount of $210,000 to settle pending litigation and authorizes the issuance of bond anticipation notes.
Section 2 declares the purpose of the bill to be a public purpose that the school district is authorized to accomplish and authorizes a 15-year period of probable usefulness thereof.
Section 3 authorizes the Tully Central School District Board of Education to levy an annual tax sufficient to pay principal and interest on the bonds and to adopt a bond resolution authorizing the serial bonds authorized by this act.
Section 4 requires for purposes of subdivision 4 of section 2023 of the Education Law that expenditures for debt service shall be disregarded in determining total spending under a contingency budget.
Section 5 contains the severability clause.
Section 6 contains the effective date.
Justification
On April 13, 2011, the Tully Board of Education, by a unanimous vote, passed a resolution requesting legislation to be introduced in the New York State Legislature to authorize the school district to pond certain funds pertaining to a settlement.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.