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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- 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 commissioner of education to consider granting the Belfast central school district a waiver of the amortization of certain bonds issued by such district
In Assembly Committee · Education · Sponsor Joseph Giglio
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3996
Title of bill
An act to direct the commissioner of education to consider granting a waiver of the existing amortization agreement with regard to certain bonds issued by the Belfast central school district
Purpose of bill
To direct the commissioner to consider an application for a waiver of amortization requirements submitted by Belfast Central School District.
Summary of provisions
Section 1 directs the commissioner of education to consider granting a waiver, pursuant to section 3602 of the Education Law.
Section 2 states that this act shall take effect immediately.
Justification
On June 20, 2012, the Dormitory Authority of the State of New York (DASNY) authorized the issuance of one or more series of bonds for the purposes of refunding DASNY's School Districts Revenue Bond Financing Program Revenue Bonds issued during calendar year 2002.
The Education Law contains provisions that require that the State Education Department (SED) establish periodically, but at least at the end of each ten year segment of an assumed amortization, a revision to the remaining scheduled semiannual payments of the outstanding principal and interest of such assumed amortization.
The Education Law also provides that the commissioner, in his discretion, may grant a waiver for this recuirement for school districts who establish extenuating circumstances that warrant such a waiver.
Belfast Central School District is currently within two years of paying of their previous refinancing debt and if they were forced to refinance this debt, they will see an increase of $26,500 for both the 2012-13 and the 2013-14 school year, which is an increase of 1.64% of their tax levy.
This legislation directs the commissioner to consider, in his discretion, whether he believes an increase of 1.64% is a sufficient "extenuating circumstance" that would warrant a waiver to the refinancing requirement.
Legislative history
New Bill.
Fiscal implications
The difference between the rate of amortization currently paid by Belfast Central School District and that which they would have refinanced to.
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.