NY A08539

Allows school districts to borrow up to 75% of certain reserve funds through board of education resolution to reduce reliance on tax anticipation notes and revenue anticipation notes

Requires resolutions to specify the borrowing amount, source reserve fund, anticipated revenue sources, and repayment schedule with a specific final repayment date

Limits borrowing to taxes and revenue expected within the same fiscal year, with an exception allowing borrowing during the final two weeks of a fiscal year against next year's anticipated funds

Eligible reserve funds include: workers' compensation, unemployment insurance payment, repair, insurance, property loss, employee benefit accrued liability, and tax reduction reserve funds

Makes a technical correction updating "Workmen's compensation" to "Workers' compensation" in the general municipal law