NY S07524

Allows school district boards of education to borrow from designated reserve funds to reduce reliance on tax anticipation notes and revenue anticipation notes

Limits borrowing to a maximum of 75% of each reserve fund's total balance

Requires repayment within the same fiscal year, with an exception for borrowing initiated in the final two weeks of a fiscal year (repayment may extend into the following fiscal year)

Permits borrowing from seven specific reserve funds: workers' compensation, unemployment insurance payment, repair, insurance, property loss, employee benefit accrued liability, and tax reduction reserves

Updates terminology in the general municipal law by changing "Workmen's compensation" to "Workers' compensation" reserve fund