Bill > S03367

This bill amends sections of the New York local finance law to modify how certain school districts calculate their debt limits, specifically focusing on school districts outside of cities with 125,000 or more inhabitants. The bill provides technical updates to how school districts can exclude certain types of indebtedness when determining their borrowing capacity, including outstanding bonds and bond anticipation notes. Specifically, the amendments allow school districts to potentially exclude debt related to specific purposes, such as school building projects or civil defense shelters, when calculating their total indebtedness. The changes provide school districts with more flexibility in how they account for and report their debt, potentially making it easier for smaller school districts to undertake infrastructure and improvement projects. The bill uses precise language to specify that these provisions apply only to school districts in areas with fewer than 125,000 inhabitants, as determined by the most recent federal census. The changes appear to be primarily technical in nature, updating existing law to provide clearer guidance on debt calculations and reporting for school districts. The bill will take effect immediately upon passage.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3367