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Should the Regents consent to allow the Elmira City School District to increase the indebtedness of the school district under the provisions of the State Constitution and the Local Finance Law?
Required by Article 8, Section 4, Paragraph (h) of the State Constitution and by Local Finance Law section 104.00(c).
This petition for consent will come before the Regents EMSC-VESID Committee on January 8, 2007 for discussion and action.  It will then come before the full Board for final action on January 9, 2007.
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-VESID Committee has discussed and approved similar requests in the past from school districts to exceed their debt limit and is familiar with the guidelines and procedures for granting consent.
The Department received a petition from the Board of Education of the Elmira City School District seeking consent of the Board of Regents to an increase in the indebtedness of the Elmira City 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 Elmira.  The documentation supporting the petition verifies that more than 60 percent of duly qualified voters approved the increase at a special election held on October 19, 2006.  The increase in indebtedness will be used to undertake the alteration, reconstruction and additions to various school district buildings. 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 Elmira City School District in an amount not to exceed $94,459,318 for school building additions and reconstruction and the issuance of such bonds and/or bond anticipation notes in excess of the constitutional debt limit of said school district.
The petition with the consent of the Board of Regents will be immediately forwarded to the State Comptroller for final consideration.