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 Peekskill City School District for Consent to Exceed the Constitutional Debt Limit
DATE OF SUBMISSION:	October 8, 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 Peekskill 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 Peekskill City School District lies within the City of Peekskill.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at a special meeting held on April 1, 2004.  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 a middle school and reconstruct various school buildings, including related site work, and to purchase furnishings and equipment for such buildings. 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 Peekskill City School District in an amount not to exceed $59,773,000 to construct a middle school and reconstruction of school district buildings, and the issuance of such bonds and/or bond anticipation notes in excess of the constitutional debt limit of said school district.