NY A06310

Authorizes the Northport-East Northport union free school district board of education to establish a power plant tax assessment reserve fund to offset tax levy and rate increases caused by a tax certiorari settlement with the Long Island Power Authority regarding the Northport Power Plant.

Requires that any reserve fund must be approved by majority vote of voters at either a special district meeting or annual district meeting, with the ballot proposition specifying the maximum allowable fund balance.

Permits the board to deposit settlement revenues from the Long Island Power Authority into the fund without exceeding the voter-approved maximum balance, and to withdraw funds by board resolution for any lawful purpose to lessen or prevent tax increases.

Requires disclosure of fund deposits and withdrawals consistent with other district reserve fund disclosures, including in the district's property tax report card, and subjects all transactions to the district's annual budget approval process.

Specifies that fund moneys shall be deposited, invested, and accounted for according to Education Law sections 3651 and 3652.