Meeting of the Board of Regents | March 2008

SUMMARY

Issue for Decision (Consent Agenda)

              Should the Regents consent to allow the Little Falls City School District to increase the indebtedness of the school district under the provisions of paragraph h, Section 4, of Article 8 of the State Constitution and subdivision c of Section 104.00 of the Local Finance Law?

Reason(s) for Consideration

              State Constitution paragraph h, Section 4 of Article 8

              Local Finance Law, subdivision c of Section 104.00

Proposed Handling

              This question will come before the Regents EMSC Committee at its March 2008 meeting.

Procedural History

              The Regents EMSC Committee has discussed in the past other requests from school districts to exceed their debt limit and is familiar with the guidelines and procedures for granting consent.

Background Information

              The Department received a petition from the Board of Education of the Little Falls City School District seeking consent of the Board of Regents to an increase in the indebtedness of the Little Falls City School District.  Paragraph h 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 Little Falls.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at the election held on October 10, 2007.  The increase in indebtedness will be used to undertake the reconstruction and renovation of various district buildings. Staff has reviewed the petition and supporting documentation and recommend 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 Little Falls City School District in an amount not to exceed $6,500,000 to reconstruct and renovate various district buildings 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.