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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 the commissioner of education to make a payment for the allotted balance of state aid to which the Little Falls school district is entitled
In Assembly Committee · Education · Sponsor Claudia Tenney
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6673
Title of bill
An act authorizing the commissioner of education to make a payment for the allotted balance of state aid to which the city school district of the city of Little Falls is entitled for a debt service payment for school building purposes
Purpose
To ensure that the City School District of the City of Little Falls receives all of its state aid payments due resulting from a building project.
Summary of provisions
Section 1 sets forth the legislature's findings and outlines the various capital projects undertaken by the school district eligible for state aid, and details the various bonds and payments due the district.
Section 2 authorizes the commissioner to make a payment to the district for the balance of the state aid due the district.
Section 3 is the severability clause.
Section 4 is the effective date.
Existing law
No law directs the commissioner of education to make a final payment to the district.
Justification
The City School District of the City of Little Falls (the "district") issued $16,405,000 in serial bonds in 1997 (the "Series 1997 bonds") to finance various capital improvements at its elementary, middle and high schools. The district began receiving state building aid on the debt service relating to the Series 1997 bonds in school year 1997-98. The district was advised in 2013 that it would not be receiving its expected full final payment of state building aid in the amount of $1,253,313 in school year 2013-14 for the debt service coming due on the Series 1997 bonds in school year 2013-14. Instead, the district was advised by SED that only $314,740 would be paid to the district, leaving a shortfall of approximately $939,000 and posing a severe budget challenge to this small city school district. Upon discussion with the staff of SED, the district was advised that the bond issue date had been "re-set" to the 1996-97 fiscal year of district. The impact of the "re-set" by SED was to have triggered the receipt of state building aid one year earlier. SED maintains that all payments have been made under the "reset" payment schedule. However, a review of the district's records, including its audited financial statements, does not disclose any state building aid related to the Series 1997 bonds having been received by the district in 1996-97. Failure of SED to disburse the full amount of the anticipated state aid payment to the district in 2013-14 will pose a significant financial hardship on the district and pressure on the local tax levy.
Legislative history
New bill.
Fiscal implications
$939,000 from existing state building aid allocation
Effective date
Immediate
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.