NY S01636

Authorizes the Salamanca City School District board of education to establish a federal impact aid reserve fund for tax stabilization if federal impact aid is reduced, with a maximum balance of $5,000,000

Requires voter approval through a separate ballot proposition at either a special district meeting or annual district meeting before the fund can be established

Permits the board to deposit funds from unassigned fund balances that accrued prior to the reserve fund's establishment and from other reserve funds deemed no longer reasonably necessary

Addresses the district's unique situation of having tax-exempt lands within its boundaries (Allegany Territory of the Seneca Nation of Indians), which makes it dependent on federal impact aid for educational services

Requires deposits and withdrawals to follow the district's annual budget approval process and standard disclosure requirements, including property tax report card reporting