Meeting of the Board of Regents | May 2008

SUMMARY

Issue for Decision (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 Committee and the full Board at the May 2008 meeting for discussion and action.

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 Regents EMSC Committee has discussed in the past similar 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 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 partially within the City of Oneida.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increases at the elections held on March 4, 2008.  The increase in indebtedness will be used to undertake the additions to and reconstruction of various district buildings and the purchase of school buses.  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 Stockbridge Valley Central School in an amount not to exceed $5,832,000 to undertake the reconstruction of various district buildings and an amount not to exceed $163,465 to purchase school buses 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.