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NY S07133
Bill
Status
8/5/2014
Primary Sponsor
Kenneth LaValle
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AI Summary
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Authorizes the successor school district (Southampton with annexed Tuckahoe) to establish a reserve for tax reduction using proceeds from Southampton's pre-merger capital reserve fund for a district office building, if the school board determines the project is no longer necessary.
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Reserve funds for tax reduction shall only benefit taxpayers of the Southampton school district existing before the merger.
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The successor school district must maintain the estimated tax rate for pre-merger Southampton taxpayers at the level that existed in Southampton during the school year before the merger took effect.
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Requires annual detailed reporting on the reserve fund condition, including establishment date, fund balance, interest earned, and investment schedules.
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Effective immediately upon enactment.
Legislative Description
Relates to the Tuckahoe common school district merger with the Southampton school district in Suffolk county; authorizes the Southampton school district to establish a reserve for tax reduction to maintain the successor school district estimated tax rate for taxpayers of the Southampton school district existing before the voter approval of the dissolution and annexation of the Tuckahoe common school district at the level of such tax rate in the Southampton school district for the school year before the voter approval of the dissolution and annexation of the Tuckahoe common school district.
Last Action
SIGNED CHAP.203
8/5/2014