Meeting of the Board of Regents | June 2007

SUMMARY

Issue for Action (Consent Agenda)

              Should the Regents consent to allow the Stockbridge Valley 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 by 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 Stockbridge Valley Central School seeking consent of the Board of Regents to an increase in the indebtedness of the Stockbridge Valley Central School.  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 Oneida.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at the annual election held on March 6, 2007.  The increase in indebtedness will be used to undertake the purchase of school buses and a truck.  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 Stockbridge Valley Central School in an amount not to exceed $162,000 to purchase school buses, a truck 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.