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NY S06395
Bill
Status
Vetoed
8/1/2012
Primary Sponsor
John DeFrancisco
Click for details
AI Summary
- Modifies requirements for when debt service amortization begins for school construction projects approved after July 1, 2011
- Changes approval authority from commissioner alone to voters of the school district or board of education in cities with 125,000 to 1 million inhabitants
- Amortization commencement triggers include 18 months after approval, receipt of general construction contract certification, final certificate of substantial completion with cost report, or commissioner finding of substantial completion when district cannot complete cost report due to circumstances beyond its control
- Requires equal semiannual principal and interest payments based on interest rates established by regulation, beginning in the school year certification is received
- Takes effect immediately upon enactment
Legislative Description
Relates to assumed amortization for school projects.
Last Action
VETOED MEMO.138
8/1/2012
Committee Referrals
Education4/25/2012
Finance3/6/2012
Education2/3/2012
Full Bill Text
No bill text available