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Who cares
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Sponsors
1 Co-sponsor
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.
Relates to additional apportionment of building aid for certain projects
In Assembly Committee · Education · Sponsor Fred Thiele
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, in relation to the additional apportionment of building aid for certain projects
Purpose
To increase the cost threshold for school construction projects' eligibility for additional building aid.
Summary of provisions
Amends subparagraph (1) of paragraph (b) of subdivision 6-f of section 3602 of the education law to increase the cost threshold for school construction project eligibility for additional building aid from one hundred thousand dollars to two hundred fifty thousand dollars.
Justification
Currently, districts may be reimbursed for base year capital outlay expenses for projects that are wholly funded through capital outlay and which have a total cost of no more than $100,000. This allows districts to circumvent the lengthy assumed amortization schedules of ten, fifteen, and twenty years and instead receive the amount they spend as they spend it. This is helpful for districts, as they receive funding when they need it, and for the state, which then avoids paying interest on the reimbursement.
However, costs are rising, technological advances are creating greater demand for capital improvements, and districts are finding it difficult to fund these projects in real time. This bill would increase the $100,000 threshold for eligibility to a more reasonable $250,000 in order to help districts meet these demands and to save the state money on interest payments.
Legislative history
None.
Fiscal implications
State savings on interest payment
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.