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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A9516
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1040
- 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.
Regulates the interest rate on obligations issued to finance the school rehabilitation and reconstruction within the city school district of the city of Syracuse
Signed by Governor · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law and the city of Syracuse and the board of education of the city school district of the city of Syracuse cooperative school reconstruction act, in relation to obligations issued to finance school rehabilitation or reconstruction in the city school district of the city of Syracuse
Purpose
This legislation will allow the City of Syracuse and the Syracuse City School District to refinance bonding related to the Joint School Construction Board (JSCB).
Summary of provisions
Section 1: Amends § 3602 of the Education Law to add language allowing the City of Syracuse and Syracuse City School District to refinance bonds issued to fund JSCB projects.
Section 2: Amends Chapter 58, Part A-4, § 16 of the Laws of 2006 by adding a new subsection c. This new subsection ensures that any savings for the refinancing of bonds is used only to fund future JSCB projects.
Justification
This bill would encourage the City of Syracuse and Syracuse City School District to refinance bond obligations related to the JSCB to take advantage of lower interest rates and minimize borrowing costs. Funds saved through refinancing can then be redirected into JSCB projects to further renovate and improve City of Syracuse school buildings. Similar legislation was authorized for the City of Buffalo in 2008 (Chapter 403 of 2008).
Legislative history
New bill.
Fiscal implications
As this act does not increase the State's obligation for building aid, it does not have any State fiscal implications.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.