New York Senate Bill S07253 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 7253--A 2023-2024 Regular Sessions  IN SENATE May 19, 2023 ___________ Introduced by Sen. CANZONERI-FITZPATRICK -- read twice and ordered printed, and when printed to be committed to the Committee on Educa- tion -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT relating to establishing the Island Park LIPA power plant tax assessment reserve fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Legislative findings. The legislature hereby finds that 2 the tax certiorari settlement between Nassau County and the Long Island 3 Power Authority regarding the Island Park Power Plant may result in 4 instability in the real property tax base and the budget of the Island 5 Park union free school district due to a decrease in revenue or taxes 6 and/or a significant shift in tax liability to the taxpayers. 7 § 2. Definitions. As used in this act: 8 (a) "Board of education" or "board" shall mean the board of education 9 of the Island Park union free school district. 10 (b) "Power plant tax assessment reserve fund" or "fund" shall mean the 11 power plant tax assessment reserve fund established pursuant to this 12 act. 13 (c) "School district" or "district" shall mean the Island Park 14 union free school district. 15 § 3. Power plant tax assessment reserve fund. The board of education 16 is hereby authorized to establish a power plant tax assessment reserve 17 fund to lessen or prevent increases in the school district's real prop- 18 erty tax levy and/or tax rate resulting from decreases in revenue or 19 taxes or a significant shift in tax liability due to a tax certiorari 20 settlement or judgment provided, however, that no such fund shall be 21 established unless approved by a majority vote of the voters present and 22 voting on a separate ballot proposition therefor at either a special 23 district meeting which the board of education may call for such purpose EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09707-04-3 
 S. 7253--A 2 1 or at the annual district meeting and election, to be noticed and 2 conducted in either case in accordance with article 41 of the education 3 law. Such separate proposition shall set forth the maximum allowable 4 balance to be deposited and held in the power plant tax assessment 5 reserve fund. Moneys shall be paid into and withdrawn from the fund and 6 the fund shall be administered as follows: 7 (a) For any school district fiscal year commencing after the effective 8 date of this act and after the establishment of the power plant tax 9 assessment reserve fund, the board of education may receive payments 10 into its power plant tax assessment reserve fund from any sources of 11 revenue resulting from a settlement with the Long Island Power Authori- 12 ty; provided that no payment into the fund shall cause the balance of 13 the fund to exceed the amount approved in the ballot proposition pursu- 14 ant to this subdivision. 15 (b) Moneys may be withdrawn from the power plant tax assessment 16 reserve fund by resolution of the board for any fiscal year, to be 17 expended for any lawful purpose, to lessen or prevent increases in the 18 district's tax levy and/or tax rate. Withdrawals from the fund shall be 19 disclosed in a manner consistent with the required disclosures of simi- 20 lar reserve funds held by the district, including disclosures required 21 by the property tax report card prepared by the district pursuant to the 22 provisions of subdivision 7 of section 1716 of the education law; and 23 deposits and withdrawals made in each fiscal year shall be subject to 24 the district's annual budget approval process. 25 (c) The moneys in the power plant tax assessment reserve fund shall be 26 deposited, invested and accounted for in the manner provided for in 27 subdivisions 2 and 6 of section 3651 and section 3652 of the education 28 law. 29 § 4. This act shall take effect immediately.