EDUCATION DEPARTMENT / THE UNIVERSITY
OF THE STATE OF NEW YORK / ALBANY, NY 12234
James A. Kadamus
Petition of the Fonda-Fultonville Central School District for Consent to Exceed the Constitutional Debt Limit
June 1, 2005
Issue for Decision
Should the Regents consent to allow the Fonda-Fultonville Central School
District to increase the indebtedness of the school district under the
provisions of the State Constitution and the Local Finance
Required by Article 8, Section 4, Paragraph (h) of the State Constitution
and by Local Finance Law section 104.00(c).
This petition for consent will come before the EMSC-VESID Committee on
June 20, 2005 for discussion and action.
It will then come before the full Board for final action on June 21,
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
The Department received a petition from the Board of Education of the Fonda Fultonville Central School District seeking consent of the Board of Regents to an increase in the indebtedness of the 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 Fonda-Fultonville Central School District lies within the City of Johnstown. The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at the annual election held on May 17, 2005. The increase in indebtedness will be used to undertake the reconstruction of the elementary school, including associated furnishings, equipment and machinery. Staff has reviewed the petition and supporting documentation and recommend that the requested consent be granted
VOTED: That the Board of
Regents hereby gives consent to the issuance of bonds and/or bond anticipation
notes by the Board of Education of the Fonda-Fultonville Central School District
in an amount not to exceed $2,500,000 to reconstruct the elementary school and
to purchase furnishings, equipment and machinery for said building; 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
The petition with the consent of the Board of Regents will be immediately
forwarded to the State Comptroller for final consideration.