Bill > A02318

This bill amends the New York Local Finance Law to modify provisions related to school district debt calculations, specifically for school districts outside of cities with 125,000 or more inhabitants. The bill updates several sections of the law to consistently reference school districts in smaller cities, allowing them certain exclusions when calculating their debt capacity. Specifically, the bill provides mechanisms for school districts to exclude certain types of indebtedness when determining their power to contract debt, including outstanding bonds and bond anticipation notes for specific purposes like school building construction and fallout shelter installation. The changes allow school districts to potentially exclude debt from their calculations if the Commissioner of Education estimates that state apportionments will cover the debt service, and permits exclusion of up to fifty dollars per planned shelter occupancy for fallout shelter construction. These technical amendments aim to provide more flexible debt management options for smaller school districts by allowing them to more accurately account for potential state funding and specific infrastructure investments. The bill takes effect immediately upon passage.

Budget and Finance, Education

https://www.nysenate.gov/legislation/bills/2025/A2318