NY S07836

Authorizes the Ballston Spa Central School District Board of Education to establish a semiconductor manufacturing tax stabilization reserve fund to offset increases in the school district's real property tax levy caused by assessment changes on semiconductor manufacturing projects.

Requires approval by majority vote of qualified district voters at either a special district meeting or annual district meeting before the fund can be established.

Permits a one-time deposit into the fund of up to $2 million from reserves previously set aside in relation to Article VII proceedings related to the semiconductor manufacturing facility.

Restricts fund withdrawals to offsetting tax increases in subsequent school years, with withdrawals authorized only by board of education resolution.

Requires fund deposits, investments, and accounting to comply with education law sections 3651, 3652 and related provisions, effective immediately and retroactive to May 19, 2014.