Bill Text: NY S07415 | 2009-2010 | General Assembly | Introduced

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Bill Title: Authorizes the Patchoque-Medford Union Free School District to establish a reserve fund to liquidate serial bonds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-04-08 - REFERRED TO EDUCATION [S07415 Detail]

Download: New_York-2009-S07415-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7415
                                   I N  S E N A T E
                                     April 8, 2010
                                      ___________
       Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Education
       AN ACT in relation to establishing a reserve fund to  liquidate  certain
         serial  bonds  issued  to  the  Patchogue-Medford  union  free  school
         district
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Notwithstanding the provisions of article 74 of the educa-
    2  tion law, the Patchogue-Medford union free  school  district  is  hereby
    3  authorized  to  establish  a reserve fund for the purpose of liquidating
    4  any serial bonds issued pursuant to chapter 109 of the laws of 2006.
    5    S 2. Notwithstanding any other provision of law, rule or regulation to
    6  the contrary, the  Patchogue-Medford  union  free  school  district  may
    7  transfer  monies  from  the  general fund of such school district to the
    8  reserve fund created by this act,  provided  however,  that  the  amount
    9  transferred  from the general fund shall not exceed the amount necessary
   10  to liquidate the serial bonds issued pursuant to chapter 109 of the laws
   11  of 2006.
   12    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16703-01-0