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Meeting of the Board of Regents | June 2007

Friday, June 1, 2007 - 8:30am

sed seal                                                                                                 



 



 



THE STATE EDUCATION DEPARTMENT

/ THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234

 


TO:

EMSC-VESID Committee


FROM:

Johanna Duncan-Poitier


SUBJECT:

Petition of the Salamanca City Central School for Consent to Exceed the Constitutional Debt Limit

 


DATE:

June 13, 2007


STRATEGIC GOAL:

Goal 2


AUTHORIZATION(S):

 

 


SUMMARY


 


Issue for Action (Consent Agenda)


 

              Should the Regents consent to allow the Salamanca City Central School to increase the indebtedness of the school district under the provisions of the State Constitution and the Local Finance Law?

 


Reason(s) for Consideration

 

              Required by Article 8, Section 4, Paragraph (h) of the State Constitution and Local Finance Law section 104.00(c).

 


Proposed Handling

 

              This petition for consent will come before the Regents EMSC-VESID Committee at its June meeting.

 


Procedural History

 

              The Board of Regents is required to give consent for such petitions prior to the petition being forwarded to the State Comptroller for final consideration.  The EMSC-VESID Committee has discussed and approved similar requests in the past from school districts to exceed their debt limit.

 


Background Information


 

              The Department received a petition from the Board of Education of the Salamanca City Central School seeking consent of the Board of Regents to an increase in the indebtedness of the Salamanca City Central School District.  The State Constitution requires that any increase in the constitutional limit on local indebtedness for a school district wholly or partly within a city of less than 125,000 inhabitants receive: (1) the approving vote of 60 percent or more of the duly qualified voters; (2) the consent of the Regents; and (3) the consent of the State Comptroller.  It appears from the records of the State Education Department that the School District lies within the City of Salamanca.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at the election held on December 13, 2006.  The increase in indebtedness will be used to undertake the construction of additions and improvements to various district building and sites.  Staff has reviewed the petition and supporting documentation and recommends that the requested consent be granted.


 


Recommendation

 

              VOTED:  That the Board of Regents hereby give consent to the issuance of bonds and/or bond anticipation notes by the Board of Education of the Salamanca City Central School in an amount not to exceed $24,750,000 to reconstruct, renovate, and construct additions and improvements to various district buildings and sites and the issuance of such bonds and/or bond anticipation notes in excess of the constitutional debt limit of said school district.

 


Timetable for Implementation

 

              Upon approval by the Board of Regents, the petition will be forwarded to the State Comptroller for final consideration.