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NY S07636
Bill
Status
Introduced
8/18/2023
Primary Sponsor
Monica Martinez
Click for details
AI Summary
- School districts may borrow from specified reserve funds by board of education resolution to reduce reliance on tax and revenue anticipation notes
- Resolution must specify the borrowing amount, source reserve fund, anticipated revenue sources, and repayment schedule with a specific final repayment date
- School districts cannot borrow more than 75 percent of any single reserve fund's total balance
- Borrowing is limited to taxes and revenue anticipated in the same fiscal year, except during the final two weeks of a fiscal year when borrowing may anticipate revenue from the following fiscal year
- Eligible reserve funds include workers' compensation, unemployment insurance, repair, insurance, property loss, employee benefit accrued liability, and tax reduction reserves
- The act takes effect July 1, 2024
Legislative Description
Authorizes school districts to borrow against certain reserve funds, pursuant to a resolution adopted by the board of education of such school district.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024
Committee Referrals
Local Government1/3/2024
Rules8/18/2023
Full Bill Text
No bill text available