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

TO:

The Honorable the Members of the Board of Regents

 

FROM:

James A. Kadamus   

 

COMMITTEE:

EMSC-VESID

 

TITLE OF ITEM:

Petition of the Rensselaer City School District for Consent to Exceed the Constitutional Debt Limit

 

DATE OF SUBMISSION:

April 23, 2004

 

PROPOSED HANDLING:

Action (Consent Agenda)

 

RATIONALE FOR ITEM:

Regents Consent Required by Law

 

STRATEGIC GOAL:

Goal 2

 

AUTHORIZATION(S):

 

 

 

 

SUMMARY: 

                       

                        The Department received a petition from the Board of Education of the Rensselaer City School District seeking consent of the Board of Regents to an increase in 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.

 

            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 Rensselaer City School District lies within the City of Rensselaer. Should the Board of Regents consent, the petition with the consent of the Board will be forwarded to the State Comptroller for final consideration.

 

            The increase in indebtedness will be used to construct addition to and reconstruction of the Middle High School building, including related site work, and to purchase furnishings and equipment for said building. Staff has reviewed the petition and supporting documentation and recommend that the requested consent be granted.

 

VOTED:         That consent is hereby given to the issuance of bonds and/or bond anticipation notes by the Board of Education of the Rensselaer City School District in an amount not to exceed $23 million to construct, reconstruct and improve the Middle High School building including land, and related site work, and to purchase furnishings and equipment 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.