Bill Text: NY S01524 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes certain school districts to elect to withdraw excess monies from the employee benefit accrued liability reserve fund and transfer such funds to the general fund of the school district.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO EDUCATION [S01524 Detail]

Download: New_York-2011-S01524-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1524
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 10, 2011
                                      ___________
       Introduced  by  Sens.  KLEIN,  BRESLIN, SAVINO -- read twice and ordered
         printed, and when printed to be committed to the Committee  on  Educa-
         tion
       AN ACT to authorize certain school districts to elect to withdraw excess
         monies  from  the employee benefit accrued liability reserve fund; and
         to repeal subdivision 3 of section 33 provisions of the general munic-
         ipal law, relating to the examination of accounts
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Any  school  district having excess monies in an employee
    2  benefit accrued liability reserve fund established pursuant  to  section
    3  6-p of the general municipal law, on the effective date of this act, may
    4  make  a one time election, by  resolution of its governing board adopted
    5  no later than one year from such effective date, to transfer all or part
    6  of such excess monies into a general fund of the school district.    For
    7  the  purposes  of  this section, "excess monies" shall be that amount in
    8  the fund which exceeds the amount certified to the  governing  board  by
    9  the  fiscal  and  legal  officers of the school district as necessary to
   10  satisfy all liabilities incurred or accrued against the reserve.
   11    S 2. Subdivision 3 of section 33  of  the  general  municipal  law  is
   12  REPEALED.
   13    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05022-01-1