Loading chat...
NY A07841
Bill
Status
5/27/2021
Primary Sponsor
John McDonald
Click for details
AI Summary
-
Authorizes small city school districts to enter into leases, subleases, and other agreements with industrial development agencies for financing, re-financing, or reimbursement of school district capital facility costs.
-
Permits industrial development agencies to finance acquisition, design, construction, reconstruction, rehabilitation, improvement, furnishing, and equipping of school district capital facilities.
-
Specifies that such lease and sublease agreements are deemed state contracts and do not constitute indebtedness under local finance law section 104.00, except for unpaid principal payments on bonds issued by the agency.
-
Allows small city school districts to jointly contract with other small city school districts through industrial development agencies for shared capital facility financing.
-
Takes effect immediately upon enactment.
Legislative Description
Authorizes industrial development agencies to finance certain facilities for the small city school districts; permits the financing, re-financing or reimbursement of the costs of the acquisition, design, construction, reconstruction, rehabilitation, improvement, furnishing and equipping of, or otherwise providing for such facilities.
Last Action
referred to local governments
1/5/2022