NY A02783

Adds new subdivision 6-j to Education Law section 3602 to authorize the commissioner to apportion additional building aid to school districts for debt service on bonds issued to finance tax certiorari costs, effective in the 2023-2024 school year and thereafter.

Limits eligibility to school districts where the total bond value exceeds the district's total general fund expenditures for the year prior to receiving bond proceeds.

Requires school districts to submit documentation to the commissioner including the original tax certiorari, bond amortization schedule, and other required materials for debt service approval.

Calculates aid as the sum of the building aid ratio plus 0.1 (one-tenth), multiplied by actual approved debt service expenditures incurred in the base year.

Requires school districts to provide updated documentation and allow for adjusted annual approved expenditures if the original bond is refunded.