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Petition of the Stockbridge Valley Central School for Consent to Exceed the Constitutional Debt Limit
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 Local Finance Law?
Required by Article 8, Section 4, Paragraph (h) of the State Constitution and by Local Finance Law section 104.00(c).
The petition for consent will come before the EMSC-VESID Committee on May 22, 2006 for discussion and action.  It will then come before the full Board for final action on May 23, 2006.
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 limit.
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 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 school district lies within the City of Oneida.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at the annual election held on February 2, 2006.  The increase in indebtedness will be used to undertake the purchase of school buses.  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 Stockbridge Valley Central School in an amount not to exceed $161,764 to purchase three school buses and the issuance of such bonds and/or bond anticipation notes in excess of the constitutional debt limit of said school district.
Upon consent of the Board of Regents, the petition and consent of the Board will be immediately forwarded to the State Comptroller for final consideration.