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S7643Senate2015-2016 Session

Authorizes the Hempstead union free school district to issue up to seven million dollars in serial bonds to finance a deficit in its general funds

Sponsor Kemp HannonSD-6Affects Education
Status
In Assembly Committee
Education
Impact
Pending
Passage
Pending

Bill progress

Step 5 of 7

In Assembly · Education

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Who cares

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Sponsors

Primary sponsor
Kemp Hannon

Senator · Senate District 6

Chair, Health

No co-sponsors yet.

History

  1. Referred to education
  2. Delivered to assembly
  3. Passed senateVote 62–0
  4. Ordered to third reading cal.1792
  5. Committee discharged and committed to rules
  6. Referred to education

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

Title of bill

An act to authorize the Hempstead union free school district to issue serial bonds for the specific object or purpose of liquidating accumulated deficits in certain funds of such district

Purpose

To authorize the Hempstead Union Free School District to issue serial bonds for the purpose of liquidating the accumulated deficits in its general fund, including any budget, deficiency tax anticipation and/or revenue anticipation notes outstanding at the time of the issuance of said serial bonds or notes authorized pursuant to this act, which may be part of the accumulated deficits.

Summary of provisions

Section one authorizes the Hempstead Union Free School District to issue serial bonds in the principal amount of not to exceed $7,000,000 on or before September 15, 2017 for purpose of liquidating the accumulated deficits in its general fund, including any budget, deficiency, tax anticipation and/or revenue anticipation notes outstanding at the time of the issuance of said serial bonds or notes authorized pursuant to this act, which may be part of the accumulated deficits. The act provides that the State Comptroller and Commissioner of Education shall have an oversight role in the development of the District's annual budget commencing upon the effective date of this act and continuing through the final maturity date of any bonds issued pursuant to this act.

Section two provides that the act shall take effect immediately.

Justification

The Hempstead Union Free School District needs this authorization to issue serial bonds so that it may liquidate accumulated deficits from its general fund as of the fiscal year ended June 30, 2015.

Legislative history

New bill.

Fiscal implications

None.

Effective date

Immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.