NY S07129

Authorizes the Board of Education of Greenburgh North Castle Union Free School District to lease property at 623 Blooming Grove Turnpike in the Town of New Windsor, Orange County, subject to New York State Education Department approval, for instructional purposes.

Ratifies and validates all prior lease actions by the Board of Education at the New Windsor property location despite the property being outside the school district's boundaries.

Designates Greenburgh North Castle Union Free School District Number 12 and St. Christopher's Inc. as "private not-for-profit schools" solely for the purpose of assuming obligations related to the McQuade Foundation Insured Revenue Bonds, Series 2005.

Authorizes the school district and St. Christopher's Inc. to enter into lease agreements with the Dormitory Authority requiring annual rental payments sufficient to cover principal and interest on the bonds, with tuition payments from public school districts pledged as security.

Requires all public and social services districts to submit tuition payments to the State Comptroller for deposit into the private not-for-profit school capital facilities financing reserve account established for the McQuade Foundation.