§ 2435-D — Special school purpose agreements

New York § 2435-D

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 18: State of New York Municipal Bond Bank Agency Act
• Art. 8: Miscellaneous Authorities

Text

§ 2435-d. Special school purpose agreements. In order to fulfill the\npurposes of this title and to provide a means by which the special\nschool purpose municipalities may receive assistance to meet their\nobligations and, notwithstanding any general or special law to the\ncontrary, the agency and each special school purpose municipality are\nhereby authorized to enter into one or more special school purpose\nagreements in accordance with the provisions of this title as to\nfinancing of costs by the agency, the application of school aid revenues\nto the agency to secure its bonds and further assurances in respect of\nthe agency's receipt of such revenues. Any such special school purpose\nagreements shall not constitute indebtedness of the special school\npurpose municipality for purposes of section 20.00 of the local finance\nlaw or any constitutional or statutory limitation. In addition, any\nspecial school purpose bonds issued in connection with such special\nschool purpose agreement shall not constitute a debt of the state or of\nthe applicable special school purpose municipality under any\nconstitutional or statutory provision. Any such school aid revenues\nshall belong to the agency, shall not be, or be treated as, revenues of\nthe special school purpose municipality for appropriation, accounting or\nany other purpose, provided, however, that such school aid revenues\nshall be deemed to be revenues of the special school purpose\nmunicipality for the purpose of any computation of federal or state aid,\nand shall not be consolidated, commingled or otherwise combined with any\nother moneys of the agency and any such special school purpose agreement\nshall include a statement to such effect. Any such school aid revenues\nand any such special school purpose agreements may be pledged by the\nagency in accordance with and with the effect of subdivision ten of\nsection two thousand four hundred thirty-seven of this title to secure\nits bonds and may not be modified thereafter except as provided by the\nterms of the pledge. Each special school purpose agreement shall specify\nthe amount to be made available to the respective special school purpose\nmunicipality through the proceeds of an issue of special school purpose\nbonds and such other matters as the agency shall determine necessary or\ndesirable as to the application of bond proceeds or the security of the\nbonds. Such special school purpose agreement shall also provide that the\nagency shall not be entitled to receive any special school purpose\nschool aid revenues. The receipt of the proceeds of any issue of special\nschool purpose bonds by the special school purpose municipality shall be\ndeemed to satisfy an equivalent amount of prior year claims owed to the\nschool district of such special school purpose municipality pursuant to\nsection thirty-six hundred four of the education law, and such proceeds\nprovided pursuant to this section shall not reduce the apportionments\npayable for approved project costs pursuant to subdivisions six, six-a\nand six-b and paragraph c of subdivision fourteen of section thirty-six\nhundred two and subdivision twelve of section thirty-six hundred\nforty-one of the education law and may be used by an eligible school\ndistrict to fund the principal amount of any costs that are in excess of\nthe costs approved for an apportionment pursuant to such subdivisions\nsix, six-a or six-b of section thirty-six hundred two or subdivision\ntwelve of section thirty-six hundred forty-one of the education law.\n